Orient Group, a private conglomerate run by Chinese tycoon Zhang Hongwei, is to sell a 1.22 per cent stake in China Minsheng Banking Corporation to the International Finance Corporation (IFC) for US$23.5m. The sale is intended to speed up co-operation between the two parties and promote the bank's internationalisation. Last year the IFC, the World […]
Category: Banking & Finance
French financial group Societe Generale is establishing a joint venture fund management company with Fortune Trust & Investment and it soon hopes to launch its first fund, the Financial Times said. Fortune SGAM Fund Management's proposed umbrella-style fund would comprise three sub-funds, one based on equities, one based on bonds and one a balance of […]
Categories
Allianz to set up in Guangzhou
German insurance giant Allianz has begun operating a general insurance business in Guangzhou, South China Morning Post said. The business will provide property and casualty insurance coverage to foreign-invested enterprises, Sino-foreign joint ventures and non-mainland Chinese citizens. Allianz had invested Yn200m to obtain the licence. The group's Asia-Pacific vicepresident said recently that it would invest […]
Established as part of the government reorganisation announced at this year's National People's Congress, the CBRC will take over the role of bank regulator from the People's Bank of China. Although this is a sign of the government's commitment to establish healthier banking practices among mainland banks, don't expect the CBRC to fix China's banking […]
The Japan Bank for International Co-operation has signed loan agreements worth more than US$1bn with China. The priority areas for the loans are environmental conservation, education and poverty reduction. Six of the 13 projects in total cover environmental improvement. In Henan and Anhui provinces, projects will help to reduce air pollution by converting coal to […]