CDT Money: More Signs of a Slowdown
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...
china construction bank
Top Bank Chiefs Resign as Leadership Transition Looms
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...
China’s Sovereign Wealth Fund Tries to Bolster Stocks of Major Banks
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...
Xi’s the One, but Hu’s Replacing Wen?
At Foreign Policy, Damien Ma considers a possible upset to Li Keqiang’s succession to the position of Premier next year, as a rival candidate emerges. That contender is Vice Premier Wang Qishan, a face most familiar to...
China Construction Bank Opens First Branch in US
From china.org.cn: China Construction Bank Corporation (CCB), the world’s second largest bank by market value, opened its New York branch on Friday. The New York branch, CCB’s first branch in the United States,...
Chinese Banks Report Leap in Profits
From the Financial Times: China’s three largest banks reported huge profit jumps in the first quarter in what may mark a peak in earnings this year as government measures to curb loan growth and tackle inflation start to bite....
Temasek Sells China Construction Bank shares РAnette Jönsson
From Financeasia.com: The fixed-price transaction comes only two days after the Singapore investment company sold shares in Bank of China. Temasek Holdings has sold HK$1.99 billion ($255 million) worth of shares in China Construction Bank (CCB) through a block trade only two days after completing a similar sell-down in Bank of China (BOC) . The […]
Chinese Leaders Review Contenders for Top Economic Jobs – Joe McDonald
From AP via International Herald Tribune: Sharply dressed in a pinstriped suit and purple tie, the chairman of one of China’s biggest banks talked animatedly at a news conference about the bank’s ambitions to expand...
Charges of Bribery in a Chinese Bank Deal – David Barboza
From The New York Times: The American company says it was a legitimate cost of doing business in China, the price it had to pay to help secure a large software contract with one of China’s biggest banks. But a Chinese company that says it got pushed out of the deal has a different version: […]
Rare Look at China’s Burdened Banks – David Barboza
From New York Times: Two years ago, one of China’s largest state-owned banks hired a senior risk adviser who had previously worked for major banks in the United States. His mission was to advise the Chinese bank on how to clean up its books, by helping assess loans that were going bad. The banker’s career […]
China Construction Bank Plans Overseas Acquisitions, Branches – Luo Jun
From Bloomberg: China Construction Bank Corp., the nation’s fourth-largest lender, plans to make acquisitions and open branches in the U.S. and Australia as it seeks expansion outside of its home market. The Beijing-based lender will also strengthen its foothold in Frankfurt and South Africa, where it operates two branches, Zhang Jianguo, 52, president of Construction […]
China Construction to Buy Bank of America’s H.K. Unit – Patricia Cheng
From Bloomberg: China Construction Bank Corp. agreed to buy Bank of America Corp.’s Hong Kong and Macau branches for HK$9.7 billion ($1.24 billion), the largest overseas acquisition by a Chinese lender. The takeover will give China’s third-largest bank 17 outlets with HK$7.4 billion of net assets, the Beijing-based company said in a statement today. Construction […]
China Bank Fraud Fails to Damp Investor Frenzy for Share Sales – Matthew R. Miller
From Bloomberg: Managers at Bank of China Ltd., the country’s second-largest lender, spent a decade pulling off the biggest bank heist in Chinese history. The men at a branch in southern China embezzled $485 million before using false identities to flee to the U.S., where they were arrested in 2004, U.S. prosecutors say. The former […]
CCB chairman Said China govt interference remains problem for banks – AFX
From AFX via Forbes.com: Chinese government interference remains a problem for the nation’s banks, China Construction Bank (CCB) chairman Guo Shuqing said. Guo told an academic forum in Beijing that the state’s targeting of the lending practices of its Big Four banks fails to take account of commercial imperatives. He also described the monopoly status […]
China Construction Bank sells repossessed assets – Chris Oliver
From MarketWatch: China Construction Bank said Friday it has sold a portfolio of repossessed mortgage assets with a face value of 960 million yuan ($120 million) to a foreign consortium. The bank said it received 19% of the face value of the assets in the sale. The portfolio included offices, shopping malls, retail stores, warehouses, […]
Chinese Milestone: A Major Bank Goes Public – David Barboza
From the New York Times: The China Construction Bank, fresh from raising $8 billion in a feverish initial public offering, saw those shares put in only a lukewarm performance in their first day of trading on Thursday. The much-anticipated offering was China’s biggest ever, and the largest worldwide in four years. And despite the tepid […]
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