China’s Largest Bank Not Worried By Subprime Crisis – AFP

From AFP via Business Report:

Industrial and Commercial Bank of China , the nation’s top lender, said it was not worried by US subprime troubles, as mortgage-backed securities were a tiny percentage of its assets.

Subprime-related mortgage-backed securities amount to $1.23 billion, or 4.32 percent of the bank’s total foreign currency fixed income investments, Bank president Yang Kaisheng told reporters. Subprime-related mortgage-backed securities make up 0.0012 percent of the Industrial and Commercial Bank of China’s total assets, he said. [Full Text]