Shanghai plans to merge its 231 rural credit co-operatives to form the city's third commercial bank, Reuters reported. The new bank, to be called Shanghai Co-operative Bank, would still focus on rural clients but would also offer retail banking services in urban areas. It has been working with Germany's Wincor Nixdorf Retail & Banking Systems […]
Category: Banking & Finance
The Chinese unit of Nippon Electric Glass has secured a Yn200m loan from the China Development Bank. This is the first time that the state-owned bank, which concentrates on lending for infrastructure projects, has made a loan to a firm affiliated with a Japanese corporation. Shijiazhuang Baoshi Electric Glass will use the funds to repay […]
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Sinotrans makes strong debut
Chinese freight forwarder Sinotrans made its debut on the Hong Kong stock exchange on February 14 and the price gained nearly 3 per cent on its first day of trading. The debut followed a successful international share offering that raised about US$436m. The company floated 38.5 per cent of its total capitalisation through the offering. […]
Revenues for China's insurance industry surged 45 per cent year-on-year in 2002 to reach a total of Yn305.3bn, Business Post reported. However, profits were just Yn15.9bn on total capital of Yn579.9bn, representing a return of 3.1 per cent, down from 2001's rate of 4.3 per cent. The figures were announced by Wu Dingfu, chairman of […]
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China Reinsurance to reorganise
China Reinsurance announced that it had received government approval for its plan to split itself into three units, specialising in asset reinsurance, life reinsurance and direct asset insurance. The plan is intended to help the company compete with foreign firms, now that it has lost its monopoly on reinsurance in China. Foreign rivals Munich Re […]