Credit Suisse Group is winding down two reinsurance vehicles, Humboldt Re and Kelvin Re. PHOTO: REUTERS

Sea

The tech start-up, which has become the most valuable company in South-east Asia, said it plans to raise about US$2 billion (S$2.68 billion) by issuing new securities in the United States.

New York-listed Sea plans to offer 11 million American depositary shares, with the option to sell another 1.65 million.

The offering would total US$2.2 billion at Wednesday’s closing price, or US$2.6 billion with the additional shares. Goldman Sachs Group and JPMorgan Chase & Co are bookrunners for the deal.

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Credit SuisseĀ 

Credit Suisse Group is winding down two reinsurance vehicles with assets of about US$2 billion (S$2.68 billion) after key investors moved their funds out.

Humboldt Re and Kelvin Re, which use money from institutional clients to reinsure natural catastrophes and other risks, will stop underwriting new business next year, the bank said in a statement on Wednesday.

Closing the vehicles is a blow to Credit Suisse’s asset management unit, which is one of the biggest providers of investments linked to insurance.

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Standard Chartered Singapore

Standard Chartered Singapore was awarded enhanced Significantly Rooted Foreign Bank privileges by the Monetary Authority of Singapore yesterday.

The enhanced privileges allow the bank to secure an additional full-bank licence to set up a subsidiary to operate new or alternative business models.

This paves the way for StanChart to set up a digital bank.