Overseas briefs: JPMorgan denies it's too big, new BoA investment bank bosses, first collateralised 10 April 2015 3:41PM Banking Day staff Jamie Dimon, chief executive of JPMorgan Chase, has responded to criticism over the size and business model of his bank. JP Morgan faces tougher capital requirements from regulators than its rivals due to perceptions of complexity, while analysts suggest shareholder returns would be improved if the megabank were broken up. Reuters reported that the CEO, in a 37 page letter to shareholders in the company's latest annual report, said the company is "not a conglomerate" and is "not necessarily" more risky because of its size. Dimon said JP Morgan had the same three basic businesses as regional US banks. Earlier this week, Bank of America appointed Karim Assef and Diego De Giorgi as its co-heads of global investment banking. The news was announced in a memo from Christian Meissner, head of global corporate and investment banking, according to an online report by MarketWatch. Previously, Assef was the global head of investment banking coverage, based in London, while De Giorgi was co-head of the global corporate and investment bank for Europe, the Middle East and Africa based in New York. CIMB Group Holdings plans to sell a sukuk backed by a pool of loans, becoming the world's first Islamic bank to sell the type of collateralised debt that contributed to the global financial crisis. Times of Oman reports the Malaysian lender is seeking to raise 1 billion ringgit (A$274 million) from an offering of five-year notes this quarter. State-owned mortgage company Cagamas, the nation's biggest corporate bond issuer, already sells such securities in their Islamic and conventional forms. Indonesia's financial regulator, the Financial Services Authority or OJK, has instructed local banks to increase credit for the maritime sector by 50 per cent, the Jakarta Post has reported. OJK deputy commissioner for banking supervision, Irwan Lubis, was quoted as wanting to speed up development for businesses ranging from fisheries to marine tourism. He said banks had held off extending loans to the sector because of a lack of understanding of the industries involved, along with a high rate of non-performing loans. The OJK and lenders will train 1,000 accountants "to understand the ins and outs of the maritime industry", and print guidebooks to increase financial literacy among small-scale enterprises. Britain's largest banks have paid 60 per cent of their profits since 2011 in fines and repayments to customers, according to a report by accountants KPMG. The firm has analysed the results of Royal Bank of Scotland, Lloyds, HSBC, Barclays and Standard Chartered to come up with a total of £38.7 billion in penalties paid out over the last four years. Repayments were £9.9 billion in 2014, and included refunds relating to Payment Protection Insurance and so-called interest rate hedging products. KPMG said this was a reduction of eight per cent from 2013.