State media said Bank of China has made its first selection of strategic institutional investors to help with its initial public offering slated in the first half of 2005. According to a report in the 21st Century Business Herald, the list includes Citibank, JP Morgan Chase, China National Petroleum Corp and China Petroleum & Chemical […]
Category: Banking & Finance
The Commonwealth Bank of Australia said it was in discussions over a possible 11% stake in the 64-branch Jinan City Commercial Bank, ranked 8th among China's 112 commercial banks. A deal would make it the first Australian player to enter China's bank sector. Regulators allow foreigners to hold up to 20% of a mainland bank […]
Fitch Ratings said China could be overstating results of its efforts to curb lending. Challenging reports that loan growth had slowed to 13.9% in June from 24% in August 2003, Fitch said taking large write-offs and sales of non-performing loans (NPLs) � at Bank of China and China Construction Bank � into account, the adjusted […]
China Construction Bank said it would this month complete pre-flotation reorganization efforts and convert from a standard government unit into a shareholding structure, enabling it to float a portion of its shares. The bank said the reorganization would be completed within its self-imposed September deadline. The move follows similar action by the Bank of China, […]
Citic Securities, one of only two listed brokers on the mainland, said its board had approved a plan to begin negotiating merger with rival GF Securities, the seventh-largest brokerage in an industry ravaged by shrinking stock valuations and sales margins. Analysts quoted in media reports said that, unlike previous broker mergers, this one made sense […]