raise US$9.7 billion through one of the most successful IPOs ever; your
stock soars on debut while those around it flounder; then this happens.
The story of Wu Guofang, who is said to have colluded with managers to embezzle US$18.2 million from a Bank of China (BOC) branch in Henan province, says everything about the tricky development path facing the state banks.
matter how much you (legally) shift around in assets and bad debts to
make the books more aesthetically pleasing, instilling best practice
throughout the branch network is a top priority whether you are
cash-swollen BOC or beleaguered Agricultural Bank of China.
if Royal Bank of Scotland send in a team of specialists to boost the
management skills of BOC officials, will that really be sufficient to
stop branch chiefs thinking "the mountains are high and the emperor is