The joint venture investment bank, China International Capital Corporation, has changed its ownership structure after being awarded a licence to trade A-shares in November. The mainland partners, led by China Construction Bank, will now have a 51 per cent stake in the bank. Morgan Stanley, the US investment bank, has reduced its share from 35 […]
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HSBC became the first foreign commercial bank to secure a stake in a mainland bank when it acquired an 8 per cent share of Bank of Shanghai in December. The Hong Kongbased Shanghai Commercial Bank acquired 3 per cent of the bank, while the private investment arm of the World Bank, the International Finance Corporation, […]
The four asset management companies created in 1999 to take on the bad loans of China’s big four banks managed to sell 9 per cent of their total bad loans in 2001. About Yn1,400bn is technically for sale by the four asset management firms. In December, a second consortium involving foreign banks bought a batch […]
The chairman of China Construction Bank, Wang Xuebing, was sacked from his position in January. The central bank governor Dai Xianglong said that he was under investigation in connection with “credit irregularities” while at the Bank of China. Wang had been president of Bank of China for seven years before joining the Construction Bank in […]
LG Micron of South Korea has signed a deal to establish an electronics joint venture in Fuzhou, capital of Fujian province. The plant will supply a local company with highdefinition masks for colour display tubes. LG Micron, and its partners Fujian Electronics and Information Industry Group and a Taiwan businessman, will invest a total of […]