The Industrial and Commercial Bank of China (ICBC) and the China Construction Bank (CCB) have agreed to offer syndicated loans to large corporate clients, while allowing other banks to join them in providing loans and credit services to a single client, state media reported.
Category: Banking & Finance
To accelerate the development of China's debit card industry, the People's Bank of China unveiled plans to expand China's electronic payment system in order to increase debit card usage and connect 60% of merchants with more than US$120,000 in annual sales and raise the share of bank card payments in retail sales to 30% from […]
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Bocom drops dual-listing plans
Bank of Communications, China's fifth-largest lender, abandoned plans to be the first Chinese company to list shares simultaneously on mainland and Hong Kong exchanges, the Wall Street Journal reported, citing sources involved in the deal. Bocom may now raise its Hong Kong offering to US$2bn from US$1.5bn. Originally, it planned to raise US$1.5bn in Shanghai, […]
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HSBC doubles Ping An stakes
HSBC Holdings paid Goldman Sachs Group and Morgan Stanley US$1.04bn for a 9.1% stake in Ping An Insurance Co, increasing its stake in China's number two life insurer to 19.9%, the maximum allowed by a single foreign investor, the Wall Street Journal reported. HSBC, the largest overseas investor in China's financial services sector, paid a […]
As Beijing moves ahead with plans to unload US$300bn worth of state shares overhanging the stock market for years, four companies were selected to be the first to put their non tradable shares on the block, Reuters reported. The four are machinery maker Sany Heavy Industries Co Ltd, computer services provider Tsinghua Tongfang Co Ltd, […]