The corporate governance guidelines are based oninternational regulations but the central bank emphasised theyare firmly rooted in and

The corporate governance guidelines are based oninternational regulations, but the central bank emphasised they"are firmly rooted in and tailored to the national environment." Policymakers worldwide are seeking to reform the regulatoryframework in response to the credit crisis U.S. PresidentBarack Obama announced plans on Wednesday to overhaul the U.S.financial regulatory system. The Oman and UAE central bank chiefs expressed concern thisweek about commercial banks' exposure to two troubled Saudiconglomerates. [ID:nLG723080] (Reporting by Nicolas Parasie; editing by Thomas Atkins/RuthPitchford). BRUSSELS, June 18 (Reuters) - A Bahamian subsidiary ofRussia's Renova Group won permission from the EuropeanCommission on Thursday to acquire Swiss engineering companySulzer AG (SUN.S). Russia The Commission, executive arm of the 27-nation EuropeanUnion, said in a statement that the proposed transaction "wouldnot significantly impede effective competition". Renova also controls OC Oerlikon (OERL.VX), involved inengineering services like Sulzer, and is a diversified groupactive in several sectors including mining, construction,housing and financial services.

Sulzer's activities include machinery, equipment, surfacetechnology and thermal turbo machinery. The Commission said its investigation had found that therewould be a sufficient number of competitors after the deal. Double click on the newslinks below for the relevant topics: [EU-REGS-RTRS-LEN] For stories on competition issues [EU-REGS-AID-BACT-RTRS-LEN] For stories on state aid, M&As (Reporting by Bate Felix; Editing by Dale Hudson) Russia. * Shenzhen Bank stake may be overpriced China * Ping An faces short-term headwinds in combination * To forge financial conglomerate in long-run (For other Reuters BUY OR SELL items, click [BUYSELL/]) By Michael Wei and Kirby Chien BEIJING, June 18 (Reuters) - A recent 14 percent drop inthe Hong Kong-listed shares of Ping An Insurance (Group)(2318.HK) has underscored concerns over the short term risksassociated with its purchase of a stake in Shenzhen DevelopmentBank (SDB) (000001.SZ). But others reckon the deal will benefit Ping An(601318.SS), the world's second-largest insurer by marketvalue, in the longer run.

INSURANCE PREMIUM Shenzhen-based Ping An has said it will buy out NewbridgeCapital's stake in SDB for around $1.7 billion, and pay almostthe same again for SDB shares in a private placement, leavingit with a stake of as much as 30 percent. [ID:nLC811874] Some analysts reckon Ping An is paying too much, but notethat SDB, one of the few nationwide banks able to take on amajor outside investor, has the negotiating power to demand apremium. The 3.3 times price-to-book ratio paid by Ping An isbelieved to be higher than the market price, said JPMorgananalyst Michael Chan in Hong Kong. "If you buy just 30 percent,not the whole bank, I believe you have to pay a premium," hesaid. JPMorgan cut its Ping An target price to HK$50.40 fromHK$59.05 after the deal, but kept its "neutral" rating. Chan also queried whether taking just a 30 percent stakewould deliver the synergy benefits touted by Ping An. Past buyshave shaken investor confidence in Ping An, which took a $3.3billion hit last year on a stake in Dutch-Belgian Fortis(FOR.AS) (FOR.BR).