Xinhua reports that Yang Kun, a former official at the Agricultural Bank of China, has been expelled from the CCP and handed over to China’s party judiciary after a disciplinary investigation: Yang Kun, former vice...
Despite suggestions last week that the yuan exchange rate had reached equilibrium and hints of possible liberalization in its trading range, officials at the People’s Bank of China set the yuan’s U.S. dollar...
The chairmen of China’s two biggest banks resigned Friday to assume government positions, signaling a turnover at the top of China’s financial system ahead of Beijing’s political leadership change in 2012. From...
New York Times reports that China’s Sovereign Wealth Fund bought shares of major banks in order to inject confidence in the market: The China Banking Regulatory Commission is putting heavy pressure on banks to raise...
From the New York Times: A week after the Agricultural Bank of China raised nearly $20 billion from global investors in one of the biggest stock offerings in history, analysts are warning about growing risks to China’s banking...
The Associated Press reports on news surrounding the Agricultural Bank of China’s initial public offering: The Agricultural Bank of China’s initial public offering has raised more than $19 billion in what could turn...
From BBC News: Two Chinese bank workers have been sentenced to death for stealing nearly $7m (¬£3.5m) from the bank’s vault – and losing almost all of it on the lottery. The theft, from the state-owned Agricultural Bank of China in the northern province of Hebei, is reported to be China’s biggest ever. The two […]
From People’s Daily Online: Central Huijin , China’s state-owned investment company, plans to inject 40 billion U.S. dollars into the Agricultural Bank of China (ABC) , the only one of the big four state-owned commercial banks that remains unlisted, the Economic Observer newspaper reported. The injection would mark a major step in ABC’s shareholding reform. […]
From Financial Times: China is in the middle of the last and most difficult restructuring of its large lenders: that of Agricultural Bank of China (ABC) , a behemoth with nearly half a million employees, 27,000 branches and a stack of bad loans on its books. China has restructured four of its five state banks, […]
From Shanghai Security News via Soho.com, translated by CDT: Zhou Xiaochuan, China’s central bank governor, said today “it won’t be too long before the Agricultural Bank of China is reformed.” Zhou said this in Singapore at an annual meeting of the International Monetary Fund. The bank’s business plan and reform process have been basically decided, […]
From Shanghai Daily: Auditors say they’ve uncovered 60.3 billion yuan (US$7.5 billion) worth of financial crimes and bookkeeping irregularities at the Agricultural Bank of China, underscoring the challenges regulators face as they attempt to reform the weakest of the nation’s state-owned banks. The probe discovered 51 cases of fraud worth 8.7 billion yuan and involving […]
From Beijing Times via China Economic Net (link) As three of China’s big four banks came under the spotlight with behemoth IPOs, the last remains saddled with non-performing loans and is still uncertain when restructuring will begin. A bail-out scheme for Agricultural Bank of China, the nation’s No.2 lender by assets, has yet to be […]
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