China Construction Bank said branches in Shaanxi province have halved bad loans to 17.5% of their loan book. The bank also reported cutting headcount of senior managers from 60% to 40% of its 7,844 employees in the province. The cleanup comes as the bank prepares for a US$640 million initial public offering. The Beijing-based lender received US$2.88 billion in government bailout cash in December to lower bad debts and restructure. Bad loans at the bank nationwide stand at 8.77%
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