The Asian Development Bank (ADB) has approved a US$10m equity investment to set up a venture capital fund for the environmental sector, Reuters reported. The China Environment Fund will invest in environmental service enterprises that exhibit strong growth potential and which involve the private sector. It will select between 10 and 20 companies and take […]
Category: Banking & Finance
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Big three chart way forward
The presidents of China's three biggest banks said that they planned to place more emphasis on personal loans and credit cards,as these were better risks than lending to larger state-owned enterprises, reported Bloomberg. The president of the Industrial and Commercial Bank of China, Jiang Jianqing, said that individuals, who held about 11 per cent of […]
China Reinsurance has submitted a plan for restructuring to the China Insurance Regulatory Commission, South China Morning Post said. Under the plan, the state-owned company would be turned into a holding company with separate subsidiaries for the reinsurance of life and non-life policies. It hopes to launch the subsidiaries in the first half of next […]
The Chinese authorities have given permission to three more foreign insurers to set up operational units in the country, bringing to 34 the total number of overseas insurers allowed to do business, China Securities said. The new companies are Liberty Mutual Insurance of the US, Japan Property Insurance Co and the UK's Standard Life. The […]
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Beijing bank in talks with HSBC
An official of Beijing City Commercial Bank has confirmed that it is actively pursuing talks with the International Finance Corporation and HSBC about their taking stakes in it, South China Morning Post said. The IFC, the World Bank's financing arm, tentatively signed up to take a 5-8 per cent stake in the bank while HSBC […]