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Everbright gets approval

Shareholders of China Everbright Bank approved the bank's plan to sell up to 10.5 billion H-shares with an over-allotment of up to 1.5 billion shares, the Beijing-based lender said in a filing to the Shanghai Stock Exchange yesterday. The bank could raise 46 billion yuan (US$7 ...

Subprime mortgage crisis? Not here

Chinese banks will not run a great risk of bad loans should a property bubble burst because only a small part of bank lending went to homebuyers, said China's top banking regulator. Liu Mingkang, chairman of the China Banking Regulatory Commission (CBRC), said on Monday that ...

China to scrap 34 bank service fees as of July

China's banking regulator said via a circular on Monday that 34 kinds of bank service fees will be scrapped from July 1 to raise the efficiency of banking services. The fees to be abandoned include fees for opening or canceling a personal savings account or balance account, ...

ICBC sets up 1st overseas RMB processing center in Singapore

Chinese banking giant ICBC set up its first overseas Reminbi Processing Center in Singapore on Friday, in line with the bank's strategy to go international and the fast growth of renminbi business in the region. ICBC made the decision to set up the center after due consideration ...

Banking regulator tells banks to 'properly handle' mortgage loans

The China Banking Regulatory Commission (CBRC) on Thursday ordered banks to "properly handle" problems related to housing loans and protect the rights of customers while improving risk management. "All banks must strictly implement the country's macro control policies over the ...

China to push forward exchange rate, interests rate reforms

An official with China's central bank said Thursday that they would steadily promote exchange rate and interest rate reforms over the coming five years, as they are key to the nation's financial system reform. Reforming the exchange rate formation mechanism of the Chinese ...

Agricultural Development Bank of China to issue 400 bln yuan in bonds

Agricultural Development Bank of China, a state-owned agricultural policy bank, plans to issue 400 billion yuan (60.6 billion U.S. dollars) in bonds in 2011, the bank's vice president said on Thursday. The amount represents an increase of 43 percent compared with 280 billion yuan ...

Spending up among bankcard holders

Chinese bankcard holders strengthened the consumer confidence index following counter-inflation measures in February, an industry index showed Tuesday. The bankcard consumer confidence index grew to 86.04 in February, up 0.51 points from January, said China UnionPay Co yesterday. ...

Fosun building overseas presence

China's private conglomerate the Fosun Group will raise more funds this year to put into the luxury, consumer goods and food chain sectors overseas, a move in keeping with the company's ambition to expand its overseas presence. "Aside from the fund with Prudential Financial, we ...

HSBC may relocate to HK

Europe's biggest bank HSBC Holdings Plc may be planning to move its headquarters from London to Hong Kong. The relocation may come because of what the bank sees as high levels of tax and red tape in the United Kingdom, according to a report in the Sunday Telegraph. The newspaper ...

HKEx starts to extend trading hours

According to Hong Kong Exchanges and Clearing Limited (HKEx), the trading sessions of HKEx's securities market will run from 9:30 a.m. to noon and from 1:30 p. m. to 4 p.m. from Monday. Previous to March 7, investors trade from 10 a.m. to 12:30 p.m. and 2:30 p.m. to 4 p.m. ...

Banking on plastic to pay bills bit by bit

Wei Na, a 25-year-old employee at a Beijing branch of the Industrial and Commercial Bank of China, is now receiving calls about credit cards from customers every day. However, the questions they ask are different from a month earlier when banks saw a boom in payment by credit ...

CIC mum on plan to buy into Glencore

A senior official at China's US$300 billion sovereign wealth fund yesterday said he had not heard of any plans for the fund to buy a stake in Glencore International AG, the world's largest commodities trader, which is aiming for a potential stock market listing. Glencore's ...

Social financing target eyed

China may announce a total social financing target to better represent the big picture of total funding to real economy during the top legislature's meeting that will open tomorrow, economists said. The central bank is shifting to a broader concept of social financing size from ...

Chinese banks forex surplus jumps 32.8% in January

China's foreign exchange regulator said Friday that more foreign currencies were sold than bought through Chinese banks in January, resulting in 68.4 billion U.S. dollars of forex surplus in the banks for the month. The January surplus from bank-to-client transactions represented ...

Zurich Financial set to sell 25% of its NCI stake

China International Capital Corporation and Nomura Securities Co have agreed to buy a 2.5 percent stake each in New China Life Insurance Co (NCI) from Zurich Financial, industry sources said. Zurich Financial Services Group, Switzerland's biggest insurer by market capitalization, ...

Financial leasers thrive in agriculture

A worker empties bags of cotton at a factory in the Xinjiang Uygur autonomous region. ICBC Leasing Co made a deal for more than 60 cotton pickers worth 70 million yuan in Xinjiang, which was the largest agricultural leasing business last year.[China Daily via agencies] Assets of ...

Bank of Beijing to incorporate Accuity's AML solutions

Accuity, the leading provider of payment routing data, anti-money laundering (AML) screening software, and services, is pleased to announce that Bank of Beijing, one of China's largest commercial banks, has selected Accuity's Compliance Link. Compliance Link, Accuity's modular ...

CDB to loan 100 bln yuan to China's affordable housing projects

China Development Bank (CDB) said Wednesday that it would loan 100 billion yuan (about 15.2 billion U.S. dollars) to finance affordable housing projects in the country this year. The money would be spent in construction of 10 million units of affordable homes, the central ...

Industrial Securities profit dives 32%

Industrial Securities Co reported Tuesday a 32 percent drop in its net profit, which was attributable to its shareholders in 2010 due to shrinking commission revenues, the volatile stock market and intensifying competition in the industry. The brokerage firm had total revenues of ...
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Super car club in commercial drive
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