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CBRC unveils rules to regulate credit card sales

The banking regulator issued new rules on the supervision and management of credit cards, aimed at preventing misleading promotions among card issuers and protecting against default risks of card holders. The China Banking Regulatory Commission (CBRC) posted Wednesday on its ...

Everbright looks to raise US$2.8 bln through IPO

China Everbright Bank Co will raise up to 18.9 billion yuan (US$2.8 billion) in the second-largest initial public offering this year in China. The bank finalized its offer price at 3.10 yuan, at the top of its price range of 2.85 yuan to 3.10 yuan apiece, the bank said in a ...

China raises limit for investments in stocks and mutual funds

The China Insurance Regulatory Commission (CIRC) issued Wednesday, a circular in which it said to raise to 25 percent the investment ratio of insurers in the capital market of stocks and mutual funds. The previous percentage on investments was of 20 percent. More detailed ...

China Citic Bank plans US$3.8 bln rights issue

China Citic Bank said Thursday it plans to raise a maximum of 26 billion yuan (3.83 billion U.S. dollars) in a rights issue in Shanghai and Hong Kong early next year. Cao Tong, deputy governor of Citic Bank, said the bank will offer up to 2.2 shares for every 10 existing shares ...

Banks banned to issue credit cards to minors

Banks in China should not issue a credit card to anyone under 18, the China Banking Regulatory Commission (CBRC) reiterated Wednesday in its latest list of rules and regulation, The Beijing News reports. The rules, designed to meet an increasing number of credit card complaints, ...

Banks forced to put backdoor trust loans on the books

For years, banks have been skirting the regulator's loan limits by selling trust company products through semi-legal channels. Now the China Banking Regulatory Commission (CBRC) has cracked down, forcing banks to put these backdoor loans on their books, a move that may lead to a ...

Banks give out less new loans in July

Chinese banks disbursed 532.8 billion yuan ($78.7 billion) as new yuan loans in July, an indication that fresh lending would remain stable and at relatively low levels for the next five months due to the lending curbs and the economic slowdown. New yuan lending in July represente...

ICBC bids to privatize HK unit

The Industrial and Commercial Bank of China Ltd, the world's most valuable bank, said it will pay shareholders of its Hong Kong arm a 27 percent premium to take it private, as part of an effort to expand its presence on the island city. Each ICBC (Asia) Ltd shareholder would ...

China's July new lending drops to 532.8 bln yuan

New yuan-denominated lending in July fell to 532.8 billion (78.6 billion U.S. dollars) from 603.4 billion yuan in June, the People's Bank of China (PBOC), the central bank, said in a statement Wednesday. The July figure brought new loans for the first seven months to more than 5...

China mulls better regulation of bank service pricing

China's banking regulator said Tuesday that it is considering revising the bank service pricing regulation so bank costumers might enjoy better services. A draft version of the revised regulation has been sent to China's commercial banks and local price monitoring offices, said ...

China UnionPay, BOC HK launch dual currency credit card

Bank of China (Hong Kong) Limited (BOCHK) and China UnionPay jointly launched brand new "Dual Currency Credit Card Shenzhen-Hong Kong Cross Border Autopay Service" on Monday, aiming to provide a convenient cross border payment service for customers who frequently travel between ...

HK records 815 mln HK dollars surplus in July

An 815 million HK dollars surplus was recorded in the Hong Kong government's financial results for July, but a 9.5 billion HK dollars deficit was still recorded for the financial year's first four months. The Financial Services and the Treasury Bureau of Hong Kong Tuesday said 28...

China Mobile execs to be named SPDB directors

Two executives from China Mobile have been named director candidates by the Shanghai Pudong Development Bank (SPDB), the bank said in a statement Sunday, the Shanghai Securities News reported. The two executives, Sha Yuejia, vice president, and Zhu Min, general manager of the ...

'Super e-banking' system launched

The People's Bank of China launched a "super e-banking" system Monday that will let customers access their accounts on one Website, the Beijing Times reported. Unlike the existing system, "super e-banking" can realize real-time inter-bank transfers and balance inquiries. The ...

PBOC starts 'Super e-banking' system

For anyone who's ever had to juggle half a dozen bank accounts at the same time, the People's Bank of China (PBOC) has some good news. A new system is being launched Monday that will let customers access their accounts on one website. With the earlier payment system, customers ...

Insurance regulatory body set up in Tibet

Tibet's Insurance Regulatory Commission was inaugurated in Lhasa Saturday amid rapid development of the insurance industry in the southwestern Chinese plateau region. The commission, as the Tibetan arm of China Insurance Regulatory Commission (CIRC), would play an important role ...

HSBC reappointed as U.S. dollar settlement institution

Hong Kong's Monetary Authority said Friday it has reappointed HSBC as the settlement institution for the U.S. dollar real-time gross settlement system in Hong Kong for a third five-year period. HSBC was first appointed as the settlement institution for the system for five years ...

Lenders to closely monitor property loans

State-owned Chinese banks on Thursday said they have not suspended lending to realtors, but would monitor such exposure closely to avoid future problems. "Our lending exposure to the property sector is quite low. Lending to property developers, commercial properties and land ...

Ping An may get 1.64 bln Shenzhen Bank shares

Ping An Bank, the banking unit of Ping An Insurance Co of China will be merged into Shenzhen Development Bank Co, at 1.8 times its book value, the Oriental Morning Post reported on Wednesday, citing an unnamed banking source. In return, Shenzhen Development bank will issue 1.64 ...

China Life not keen on AIA stake buy

China Life Insurance Co on Thursday reiterated that it has no plans to buy a stake in American International Assurance (AIA), a subsidiary of American International Group (AIG). "We will decide on whether to subscribe to AIA's pending initial public offering or not after the ...
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