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Dispatches: the rush to Everbright

Strategic investors have made a rush for China Everbright Bank's initial public offering shares, leading to a huge oversubscription and signalling strong demand for its potentially US$2.9bn float and other offerings in the pipeline as stock markets recover. (China.org.cn)

The Monetary Authority of Singapore (MAS) yesterday censured DBS Bank for a breakdown of its online and branch-banking services on July 5, and has required the bank to set aside an additional S$230m of regulatory capital for operational risks.

(Asia One)

China has moved to liberalise its gold market further, increasing the number of banks allowed to trade bullion internationally and announcing measures that will encourage development of gold-linked investment products. (Financial Times)

In a major push into the battered US commercial real-estate market, China's US$300bn sovereign-wealth fund is in advanced talks with Harvard University's endowment to buy its stakes in half a dozen US-focused real-estate funds for about US$500bn, according to people familiar with the matter. (Wall Street Journal)

The private-banking arm of OCBC, Bank of Singapore, has made two senior hires in Singapore, but Mark Chan recently resigned from his post as China head of marketing. (Finance Asia)

National Australia Bank this morning said it remains in talks with the competition regulator over its plans to acquire Axa Asia Pacific Holdings. The comments came as AXA AP this morning placed its shares under a trading halt while the ACCC considers whether to allow the bank's A$13.3 billion takeover bid to proceed. (The Age)

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