Allianz AG, Europe's largest insurer, said it has won approval from the China Securities Regulatory Commission to set up a fund management joint venture in China with Guotai Junan Securities. It becomes the first foreign insurer to win such a licence. The Munich based insurer will own 33 per cent of the venture, which will […]
Category: Banking & Finance
At the end of August, outstanding loans by China's state-owned commercial banks were Yn539.9bn higher than at the start of the year, according to the People's Bank of China. Of the total, Yn510.7bn was in the form of yuan loans. Since the start of this year, the central bank has been encouraging banks to lend […]
US-based private equity fund Newbridge Capital will buy a 15 per cent stake in Shenzhen Development Bank, Xinhua reported. Newbridge will buy the shares from state-owned shareholders for Yn1.5bn. As the largest shareholder, Newbridge will appoint the bank's chairman and it has already sent staff to work in the bank.
China Development Bank announced that it had signed a pact with Bank of Tokyo- Mitsubishi to enhance business co-operation. The two banks will co-operate in areas such as client sharing, project financing, fund raising and personnel training. The Japanese bank said that the tie-up would help it expand its business in China. China Development Bank […]
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S&P commends cuts in bad loans
International ratings agency Standard & Poor's has welcomed attempts by China's banks to address problem assets, South China Morning Post said. The agency gave its approval after both the Industrial and Commercial Bank of China and Bank of China said that they had increased write-offs on non-performing loans, made additional loan loss provisions and reversed […]