State-owned CITIC Group is reportedly considering buying a stake in investment bank Morgan Stanley, which is seeking new capital as the US financial crisis deepens, the South China Morning Post reported. Sovereign wealth fund China Investment Corp is also contemplating raising its 9.9% holding in Morgan Stanley to 49%, despite government reluctance to approve overseas […]
Category: Banking & Finance
Industrial and Commercial Bank of China (ICBC) said its mainland and overseas branches would not be strongly impacted by Lehman Brothers’ bankruptcy, state media reported. ICBC said its total exposure to Lehman Brothers was US$151.8 million, including bonds issued by Lehman Brothers and bonds linked to the failed US investment bank. The bond investment makes […]
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SCI hits 22-month low
The Shanghai Composite Index (SCI) ended the day at a 22-month low on Wednesday, falling 2.9% to close at 1,929.05, AP reported. News of exposure to Lehman Brothers weighed on banks, while information that more dairy companies had produced melamine-tainted milk affected dairy stocks. Industrial and Commercial Bank of China, China Construction Bank and China […]
China Development Bank (CDB) may acquire smaller domestic banks as it attempts to become a more commercially oriented lender, the South China Morning Post reported. A source said that CDB, which has traditionally lent money to state-backed infrastructure programs, is looking at possible targets among China’s city commercial and joint-stock banks. The bank has a […]
The credit rating agency Standard & Poor’s (S&P) has said that Chinese banks would likely see a "slight" increase in non-performing loans next year as property developers and export-geared manufacturers’ performance suffers due to the global economic slowdown, the South China Morning Post reported. S&P analyst Liao Qiang expected the increase to have little negative […]