Foreign news: US bank signs up Cuba, CICC seeks HK listing, BoA names new execs, and more 24 July 2015 4:09PM Banking Day staff Foreign news, A day after the United States and Cuba re-established diplomatic ties, a US bank based in Florida, Stonegate Bank, has signed a correspondent banking relationship with a Cuba's Banco Internacional de Comercio SA. Stonegate chief executive David Seleski told the Guardian that the correspondent banking relationship would allow for the flow of money between the two countries and assist US companies looking to do business in Cuba. The US still has a Cuban trade embargo in place but there have been a growing number of exemptions in recent years, covering food, medicine and limited amounts of financial services and telecommunications. Investment bank China International Capital Corporation has applied to the Hong Kong stock exchange for a US$1 billion initial public offering that could see it list as soon as September. CICC made its name in Hong Kong with roles on megadeals such as the $21.9 billion float of China's ICBC in 2006 and Agricultural Bank of China's $22 billion deal in 2010. The AgBank deal ranked as the world's largest IPO until being surpassed by Alibaba's $25 billion float in New York last year. Private equity groups KKR and TPG, which own at least 20 per cent of CICC, have been pushing for a flotation. The People's Bank of China has converted US$16 billion worth of foreign exchange loans to China Development Bank into equity shares in the bank, reports the Asian Times, citing "sources with knowledge of the matter." PBoC did the same with $15 billion worth of forex loans to Export-Import Bank of China, after a similar trade in April, when it invested $32 billion in CDB and $30 billion in China Exim. Bank of America has announced a series of executive changes. Bruce Thompson, Bank of America's chief risk officer and chief financial officer, has decided to step down after 5 years in the role. Paul Donofrio, who has been with BoA since 1999, has been named as the next CFO. Global human resources executive Andrea Smith will assume a newly created position as chief administrative officer, and Sheri Bronstein is to take over from Smith as global human resources executive. Vice chairman David Darnell has decided to retire by the fourth quarter, after more than 35 years with the company. Two bank accounts in Singapore have been frozen by the police as part of an investigation into alleged money laundering at Malaysia's state fund 1MDB. Singapore police said in a statement earlier this week that they had taken the step on July 15 to "prohibit any dealings in respect of money in two bank accounts that are relevant to the investigation." European news service Deutsche Welle reports that the investment fund has faced criticism over allegations of financial mismanagement and the way it has racked up debt of around 42 billion ringgit (US$11 billion, or €10 billion euros).