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Business news: the past week in Asia

Date: 05 Mar 2010

Prudential bids to buy AIA, while China Merchants Bank and Bank of Communications plot major rights offerings. Australia and Malaysia hike rates and Nomura conducts its first US dollar bond issue.

Keywords (click to search): [Asia-Pacific] [media] [round-up]

Richard Morrow
AUSTRALIA
The Reserve Bank of Australia (RBA) resumed raising interest rates to fight inflation, increasing its cash rate target by 25 basis points (bp) to 4%. The raise followed a brief hiatus during February. RBA governor Glenn Stevens said that Australia’s economic conditions had been “stronger than expected”, helping to justify the rise.

CHINA
China Merchants Bank was set to conduct a Rmb22 billion (US$3.2 billion) rights issue today (March 5), two years after acquiring a majority stake in Hong Kong’s Wing Lung Bank for US$2.47 billion. Given its plan to issue 1.3 new shares for every 10 owned, the bank was set to could offer 2.04 billion A-shares at Rmb8.85 apiece, and 449.9 million H-shares at HK$10.06 each. CICC, UBS and Goldman Sachs Gaohua Securities are the lead underwriters of the issue.

Bank of Communications will follow China...

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