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AgBank announces full exercise of over-allotment option

China's Agricultural Bank (ABC) announced Thursday the over-allotment option for its global offering has been exercised in full by the joint bookrunners on behalf of the international underwriters on the day. The move will bring about 11.96 billion HK dollars (about 1.54 billion ...

Allianz premiums increase 41%

Allianz China Life Insurance Co's premiums increased 41 percent to 253 million yuan (US$37.4 million) in the first half. The joint venture life insurer yesterday tapped into the bancassurance sector targeting high-end, middle-class clients, or those whose financial assets are ...

Pilot study nearly set for pension products

Shanghai will strengthen efforts to launch commercial pension products that will help young people plan for retirement, the city's insurance regulator said Wednesday. The trial program will encourage individuals to buy commercial pension products by allowing them to deduct ...

ICBC plans 45 bln yuan rights issue

Industrial and Commercial Bank of China, China's largest lender, said Wednesday it has decided to offer a rights issue to raise up to 45 billion yuan (6.65 billion U.S. dollars) on the Shanghai and Hong Kong exchanges. The bank planned a 0.6-for-10 rights issue to existing ...

Lenders shifting forex units to Shanghai

Guangdong Development Bank Co said it moved currency and bond traders to Shanghai from its headquarters in Guangzhou as an end to the yuan's peg against the dollar enhances the city's role as a financial center. The lender, part-owned by Citigroup Inc, will at least double the ...

Banks' increase of transaction fees draws public concern

Several Chinese commercial banks raised their cross-bank same-city automatic teller machine (ATM) withdrawal fees earlier this month, triggering opposition among bankcard holders. China's big-four banks, including the Industrial and Commercial Bank of China, lifted the cross-bank ...

Regulator sees no risks from local gov't loans

The China Banking Regulatory Commission (CBRC) said on Tuesday that nearly one-fifth of the bank loans disbursed to local governments are questionable, but will not cause any systemic risks to the banking sector. Lenders have disbursed over 7.7 trillion yuan ($1.14 billion) till ...

China to launch credit default swaps in H2

China will have its first credit default swap (CDS) products before the end of 2010, as regulators carefully review the credit derivative product. "We are now prudently facilitating the development of credit derivatives in China on the condition risk management is strengthened," ...

Financing arms face changes

Four regulators are reportedly considering new rules designed to further put an end to irregularities with the financing arms of local governments. The Ministry of Finance, the National Development and Reform Commission, China Banking Regulatory Commission, and the People's Bank ...

Fees held at banks

Banks in Shanghai didn't raise fees on inter-bank cash withdrawals even though rivals in Guangdong Province almost doubled such charges to 4 yuan (59 US cents) per transaction. The banks said they still haven't heard from respective headquarters on whether they would also raise ...

SCO development bank idea meets needs of C Asian nations

China's proposal to establish a development bank for the Shanghai Cooperation Organization (SCO) was not surprising because the need had been there for a long time, a Russian expert told Xinhua Wednesday. Gennady Chuprin, an adviser at Russia's Academy of Science, also said it ...

Bank of China opening Brussels branch

Bank of China, the largest foreign currency business bank in China, will officially open a new branch next week in Brussels to meet the momentum of brisk Sino-European economic and trade cooperation. Amid the unfolding European debt crisis, the branch located in the heart of the ...

China to levy tax on individuals' restricted-share transfers

China's Ministry of Finance (MOF) said Tuesday nine types of individual transfer of listed companies' restricted shares will be subject to income tax. The announcement came in the Supplementary Circular of Income Taxation Concerning Issues on Individual Transfers of Limited ...

China Construction Bank opens Sydney Branch

China Construction Bank Corporation (CCB) formally opened its Sydney Branch on Tuesday, the first of its branch in Oceania, with Australian former Prime Minister Bob Hawke, Chinese Ambassador to Australia Chen Yuming and around 400 local dignitaries attending. Zhang Furong, CCB ...

PBOC considers 3rd party payment licenses

The People's Bank of China (PBOC) might authorize non-financial organizations by the end of 2010 to run the third-party payment business, Beijing News reported Tuesday, citing an official. Non-financial organizations that run the third-party payment business, regardless of ...

China Pacific sells stake

China Pacific Insurance (Group) Co plans to sell its 50 percent stake in an insurance venture with ING Groep NV for 943 million yuan ($141 million), according to a statement from the Chinese company to the Shanghai United Assets and Equity Exchange. The stake in Pacific-Antai ...

Credit supply may top govt targets

China's new loans in November may top 500 billion yuan ($75 billion), sparking speculation among analysts that the whole-year credit supply may exceed the central government's target of 7.5 trillion yuan. "The total credit supply for 2010 is likely to reach 8 trillion, exceeding ...

OTP Bank, China Union Pay sign ATM access agreement

Hungary's OTP Bank and China's bank card organization, China Union Pay, signed an agreement on ATM access on Friday. The agreement will enable Chinese bank card holders to withdraw cash at OTP's automated teller machines and make purchases at shops equipped with OTP's point of ...

PICC to accelerate HK listing plans for 2011

People's Insurance Company (Group) of China (PICC), one of the nation's largest insurance groups, will quicken its step towards listing its different divisions as a single entity on the Hong Kong bourse, the group's president, Wu Yan, said on Thursday. "We are now in the final ...

Foreign insurance firms think over role in China

Faced with stagnant growth rates, overseas insurers are re-examining their business models and positions in China, according to a survey released by PricewaterhouseCoopers (PwC) on Thursday. The 31 overseas insurance companies who participated in the survey indicated lowered ...
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china

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