The rules are amied at improving the quality of information disclosure, helping enhance transparency and protect investors, the People's Bank of China said in the statement.

Mustier's abrupt resignation on Monday following a clash with directors sent shares tumbling 8% due to concerns UniCredit would stray away from the CEO's line that prioritised returning cash to investors over mergers and acquisitions.

News of Mustier's departure comes as the Rome Treasury steps up efforts to find a buyer for Monte dei Paschi (MPS), the bailed-out bank for years at the fore of Italy's banking crisis.

Sources had said Mustier, a former investment banker, had set strict terms in talks with Rome over MPS, which he was reluctant to take on having worked in recent years to reduce UniCredit's exposure to its fragile home turf.

"The board will never agree to any transaction that would harm the interests of the group and in particular its capital position," a UniCredit spokesman said on behalf of directors.

"The group will continue to support the economy and distribute capital to shareholders."

The spokesman said the bank stood by its capital distribution policy which would be implemented as soon as regulators allowed it.

A dividend ban triggered by the pandemic has stalled Mustier's plans to return excess capital to shareholders, after he shed assets worth 14.5 billion euros ($17.5 billion) to rebuild UniCredit's capital reserves and raised 13 billion euros in a share issue.

The French investment banker has won respect across the industry for his four-year overhaul of the Italian lender.

But his opposition to mergers, which he said were "no panacea", has set him at odds with the consolidation fever sweeping Italy's fragmented banking sector.

Piling pressure on Mustier, Intesa Sanpaolo overtook UniCredit as Italy's No. 1 bank this summer thanks to its surprise takeover of peer UBI, further cementing its domestic dominance.

People familiar with the matter have said Mustier faced discontent due to his lack of a clear commercial strategy and failure to lift the price of the shares, which traded at 66% discount to book value versus Intesa's 45%.

UniCredit's Chairman-elect Pier Carlo Padoan, a former Italian economy minister who oversaw the MPS bailout, and the board are now leading the search for a new CEO.

JP Morgan said the successor to Mustier, who this year turned down the top job at global giant HSBC, would "have big shoes to fill given Mustier's strong track record on cost management and delivering on targets."

But they said a new CEO would benefit from Mustier's revamp of the bank and a stronger balance sheet.

UniCredit is the latest major European bank to announce a CEO departure this year, with Credit Suisse Group, UBS , ING, Commerzbank and Lloyds all making leadership changes.

Credit Suisse said on Tuesday Lloyds CEO Antonio Horta-Osorio would become its new chairman next year, a day after the British lender said the Portuguese banker was to be replaced by HSBC's wealth and personal banking head Charlie Nunn.

The industry's profits jumped 173% in the third quarter to $51.2 billion, after firms spent the first half of the year setting aside billions of dollars to offset expected pandemic-driven losses. But that amount is still 10.7% lower than 2019 levels, and roughly half of banks reported lower profits than a year prior.

"The banking industry remains well-capitalized with ample liquidity and has, to date, weathered the economic effects of the pandemic," said FDIC Chairman Jelena McWilliams in a statement.

The new data suggests some return to normalcy for banks after a tumultuous first half of the year. Bank profits were down 70% in the first two quarters as firms built up massive cushions to guard against future losses.

The sizeable increase in profits from the second to the third quarter was due in large part to banks slowing such aggressive preparations. The FDIC reported provisions for credit losses fell 76.8% from the second quarter. Although there were still some signs of potential trouble, as the share of unprofitable banks rose to 4.7%, and noncurrent loan balances rose 7.9%.

The FDIC also reported that an explosion in bank deposits appears to have slowed. The uncertainty brought on by the pandemic drove businesses and individuals to deposit over $2 trillion in banks in the first half of the year, but total deposit balances rose just $156 billion in the third quarter.

The influx of deposits actually resulted in the FDIC's deposit insurance fund dropping below its legally required minimum ratio of 1.35%. That level now stands at 1.3%, and banks could be required to pay more to boost it if it does not rise on its own in coming months.

The government has given another opportunity to the public to get the withdrawn prize bonds of Rs7500, 15,000, 25,000 and Rs40,000 redeemed/ encashed by June 30, 2023.

Earlier, the government had fixed deadline of June 30, 2022, for redemption/ encashment of these prize bonds; however, considering that some of the prize bond holders could not get their bonds redeemed a final opportunity has been given for encashment of prize bonds till 30th June 2023.

The investors of aforesaid prize bonds have several options of encashment or exchange.

Investors can avail encashment at face value or conversion to Premium Prize Bonds of Rs. 25,000 and/ or Rs. 40,000 (Registered). Replacement with Special Savings Certificates (SSC) or Defense Savings Certificates (DSC) is also allowed to investors.

The prize bonds can be redeemed from SBP Banking Services Corporation office and branches of commercial banks across the country till 30th June 2023. The SBP has issued necessary instructions to commercial banks to accept requests from general public for encashment or exchange of the prize bonds till the extended date.

The general public holding these bonds is encouraged to avail this final opportunity and get their holdings redeemed before 30th June 2023. These prize bonds shall not be en-cashable or exchangeable after the expiry of the extended deadline, thereby rendering them worthless.

Copyright Business Recorder, 2022