Overseas briefs: US bank regulators unhappy with living wills, moves on Philippine's Bank of Commerc 25 March 2015 4:24PM Banking Day staff US bank regulators criticised crisis plans submitted by three foreign banks on Monday, saying they expected them to improve their "living wills" or face administrative repercussions. The US Federal Reserve and the Federal Deposit Insurance Corp said in a statement that plans submitted by BNP Paribas, Royal Bank of Scotland and HSBC demonstrated inadequacies, and "noteworthy advancement" was required. In August, the two regulators used similar language to describe living wills submitted 11 large US banks. Philippines banks Banco de Oro Unibank and Asia United Bank have expressed interest in acquiring Bank of Commerce from Philippine conglomerate San Miguel Corp. Business Inquirer reports that, aside from BDO and AUB, there are two other international financial institutions that earlier expressed interest in BOC, one of which is Mizuho Financial Group of Japan. New Delhi News reports that the Securities and Exchange Board of India has relaxed norms for conversion of the distressed loans of listed companies into equity by financial institutions. The move will allow lenders, particularly public sector banks, which are staring at a ten-year high in bad debts, to reduce the pressure on their balance sheets. Bad debts or non-performing assets of all public sector banks rose to 5.6 per cent of advances in December, which is the highest after the 5.7 per cent recorded in 2004-05.The new rule will be applied only when banks acquire at least 51 per cent of the equity. Sandra Stuart will take over as HSBC Canada's chief executive, the first female to run a major bank in Canada, the Financial Post reports. Stuart has spent the past 33 years at HSBC and has been active in both North and South America. She replaces Paulo Maia who has been appointed as CEO HSBC Latin America. Hironari Nozaki is leaving his job at Citigroup to become a professor of finance at Kyoto Bunkyo University from April 1. Nozaki spent 14 years as an analyst, and 14 years working in banks before that. Professional services firm EY is among six companies that have joined the Banking Industry Architecture Network, a not-for-profit that aims to promote a common architectural framework for banking interoperability. BIAN's membership is growing as the global industry faces pressure to standardise banking IT architecture as a way of limiting cyber breaches and system outages. Other new members include Atos, Zafin, Advance Banking Solutions Emirates, Digital Payment Partners and ACI Worldwide.