China Economic ReviewAlcatel has formed an integrated group of its Shanghai manufacturing operations and launched it as Alcatel Shanghai Bell at the end of May, South China Morning Post said. The head of Alcatel’s China operations said that it plans to become the mainland’s top telecommunications gear maker. To this end, the company will more than double […]
The Industrial and Commercial Bank of China, one of the country’s four major stateowned banks, announced a pre-tax profit rise of 15.8 per cent in 2001 to Yn5.89bn. A bank spokesman attributed the increase to improved efficiency and asset quality. During 2001, the bank cut staff numbers by 47,000 to 429,000 and closed 3,400 lossmaking […]
Regulators have given approval for six foreign banks in Shenzhen to expand their business scope, Xinhua reported. The Shenzhen branches of Bank of East Asia, HSBC and Hang Seng Bank will be allowed to offer overall foreign exchange business to Chinese customers after increasing their capital. The Shenzhen branches of Overseas Union Bank, Wing Hang […]
The People’s Bank of China has barred Chinese banks from charging penalty fees on small deposits, South China Morning Post said. The central bank said that the rule is enshrined in the Commercial Bank Law and therefore does not apply to foreign banks in China, which are governed by another set of regulations. The bank […]
The Industrial and Commercial Bank of China (ICBC) agreed in May to extend US$200m credit lines to South Korea’s LG Electronics and LG Chem. LG Chem said that the agreement also provided debt guar- antees, preferred interest rates and lower transaction fees. Meanwhile, ICBC has opened a branch in Pusan, its second in South Korea […]