South Asia

After a deluge of defaults, a new state-owned bank called United Islamic Bank is set to emerge out of the five banks, with the plan to privatise them over time.

Citi Commercial Bank in India has appointed Kannan as head of digital, technology, communication, business & professional services and industrials; he will join in December and has worked at JP Morgan for over 15 years.

The $1.3bn raise from the electronics giant and $1.75bn IPO from Tata Group's financial services arm attracted strong demand from institutional investors. Citi is seeing its largest Indian IPO pipeline on record.

Rich Chun is appointed managing director, head of Asia at Tradeweb, effective immediately; he joins from HPS Investment Partners.

On the ratings agency's 40th anniversary in the region, Singapore-based Cheong explained how transition finance and data centres are key growth areas, how the ratings agency is adopting AI, and the lessons learned from several financial crises.

The new branch in the IFSC will be led by Mihir Baxi, and will support renewable energy and infrastructure in India, including roads, transmission, data centres, technology and telecommunications.

Entry deadline for the FinanceAsia Achievement Awards 2025 is now extended to September 26, 2025; the awards will celebrate the best deals and firms across Asia Pacific and the Middle East over the last 12 months.

The entry deadline for the FinanceAsia Achievement Awards 2025 has been extended to September 26; the awards will celebrate the best deals and firms across Asia Pacific and the Middle East over the last 12 months; FA's Deal Maker poll is also still open.

Bangladeshi businesses and economists are pressing the government to defer the graduation from the UN’s least developed country (LDC) status. They argue the government needs to consider the impacts on exports, tariffs, loans and patents.