After several months in which back-office offshoring and investment-banking redundancies have dominated the headlines in Australia, banks there are now cost cutting in a different way by reducing the floor space of their branches. National Australia Bank will aim to cut the average size of its branches by a quarter as consumers embrace online banking. Rival local bank Westpac also has plans, announced last year, to reduce the size of the typical bank branch by about 30 percent.
The Singapore Exchange (SGX) has announced two new tie-ups with other Asian bourses. (Straits Times)
Allowing Hong Kong residents to trade A-shares won’t have much impact on the domestic equity markets, according to Chen Li, head of China equity strategy at UBS. (Finance Asia)
China Everbright Bank will resume its initial public offering in Hong Kong by issuing up to 12 billion H-shares, the bank announced Wednesday. (Shanghai Daily)
Ping An Bank Co, the Shenzhen-based joint-stock bank, reported a 30 percent increase in net profit last year.(Shanghai Daily)