Agricultural Bank of China (ABC) is tipped to begin its journey next month toward a U$13 billion dual listing in Shanghai and Hong Kong, the South China Morning Post reported. The process will begin in the first two weeks of March with the bank, China’s second-largest lender by assets and the last unlisted member of […]
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CCB opens New York branch
China Construction Bank (CCB), China’s second largest lender, said it had received a license from the New York State Banking Department to operate a branch in the city, Reuters reported. CCB said the bank will accept wholesale deposits as well as offering foreign exchange, lending, trade finance and other services. The branch is expected to […]
The Shanghai Composite Index (SCI) dropped by 2.93% on Tuesday in response to news that the China Banking Regulatory Commission (CBRC) is probing illegal fund inflows to the market, the South China Morning Post reported. The SCI dropped 69.946 points to close at 2,319.441. China’s stock market has been the world’s best performer so far […]
The US and Europe should establish "bad banks" to absorb toxic assets in order to contend with the global financial crisis, the Financial Times reported, citing comments from the head of China’s largest bad bank. Tian Guoli, CEO of Cinda Asset Management Corporation, said Western economies run the risk of slipping into a long period […]
China’s life insurance market could grow to US$160 billion by 2012 from less than US$100 billion last year due to a rising middle class and steady economic growth, Bloomberg reported, citing a study by McKinsey & Company. The study says China is on course to become the world’s fifth-largest life insurance market by 2015, up […]