Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB), the mainland’s two biggest banks, will invest about US$2 billion into asset management companies that previously bought up the lenders’ bad debt, the South China Morning Post reported. ICBC will inject at least US$1 billion into China Huarong Asset Management, while CCB would pay at least US$1 billion into China Cinda Asset Management. ICBC and CCB would receive stakes of up to 49% in the asset management companies, who are expanding into securities brokering, trusts and insurance. Sources told the paper that the investments could happen this year.
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