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ICBC acquires 80% of Bank of East Asia USA

The Industrial and Commercial Bank of China (ICBC) will buy a 80 percent stake in Bank of East Asia USA for US$140.23 million. The Industrial and Commercial Bank of China (ICBC) and Hong Kong-based Bank of East Asia had reached and signed an agreement in which ICBC would pay 140...

China's ICBC opens branch in Madrid

The Spanish branch of Industrial and Commerce Bank of China (ICBC) was officially inaugurated in Madrid Monday. ICBC President Jiang Jianqing, Spanish Minister of Industry, Tourism and Commerce Miguel Sebastian and Chinese Ambassador to Spain Zhu Bangzao attended an inaugural ...

First offshore RMB CD issued in Macao

Macao Branch of BOC (Bank of China) announced Monday the issuance of the inaugural offshore renminbi Certificate of Deposit (RMB CD), the first of its kind in Macao, totaling to 1 billion yuan (151 million U.S. dollars). The issue size of the first phase amounts to 500 million ...

New loans climb

Banks in China have reportedly lent more than 1 trillion yuan (US$152 billion) in new loans so far this month, pushing authorities to tighten credit. Even as banks tend to issue more loans early in the year they're also running out of quota, the 21st Century Business Herald ...

IMF runs health checks on top banks

The International Monetary Fund is running a health check of top banks in Britain, Germany and three more countries just as Europe hammers out details of its own tougher industry "stress test." The round of IMF health checks in Europe will start in Britain, three sources told ...

PICC P&C sees strong growth

PICC Property & Casualty Co Ltd, the country's largest non-life insurer, expects its profit to more than double in 2010 to the highest since its Hong Kong listing in 2003, the insurer's top management said on Wednesday. "Such a performance is mainly attributed to the company's ...

China's banking giant opens office in Amsterdam

The world's largest bank, the Industrial and Commercial Bank of China (ICBC), opened a branch in the Dutch capital on Thursday. "This shows our confidence in the future economic and trade development between China and Europe, especially between China and the Netherlands," ICBC ...

CITIC Bank bullish

China CITIC Bank Corp yesterday said it expects its net profit for 2010 to rise more than 50 percent from a year ago to nearly 21.5 billion yuan (US$3.27 billion) as lending improved. The seventh-largest Chinese bank by assets, in which Spain's Banco Bilbao Vizcaya Argentaria SA ...

Life insurers enjoy premium growth

Ping An Insurance (Group) Co, China's second largest life insurer, reported year-on-year 18.3 percent premium income growth in 2010, while China Pacific Insurance (Group) Co announced Tuesday an even more impressive 48 percent premium hike. Ping An's life insurance premium for ...

China may cut loans by 10% in 2011

China may cut lending by up to 10 percent this year and is also studying punitive measures to penalize lenders which lend excessively, the China Securities Journal reported yesterday, citing unidentified banking sources. The newspaper quoted a bank official as saying that the ...

New rules for OTC expected in March

New rules to expand China's burgeoning over-the-counter board are expected to be launched in March and they will include introducing market makers and allowing individual investors to access the "third market." The rules will probably be announced after the annual National People...

Goldman Sachs earnings fall 53% in 4Q

Goldman Sachs Wednesday reported its fourth-quarter earnings fell 53 percent because of sharp declines in its investment banking businesses. Goldman Sachs Group Inc. earned 2.23 billion dollars after paying preferred dividends in the last three months of 2010, down from 4.79 ...

UBS to double headcount in China

UBS AG said on Tuesday that it is on track to double its headcount in China over the next three to five years. The move is designed to boost its operations in a market that the Swiss banking giant sees as one of the growth engines in the Asia-Pacific region. The banking group ...

China not to issue higher-denomination banknotes

China has no plans to introduce new higher-denomination banknotes, or a sixth set of renminbi, a senior central bank official said Tuesday. Ma Delun, vice governor of the People's Bank of China, dismissed rumors that the country would issue higher-denomination banknotes to ease ...

China seizes fake bank notes worth of US$51 mln

China's central bank said Tuesday that it seized fake bank notes worth 338 million yuan (51.2 million U.S. dollars) in 2010, 46 percent less than a year ago. Of the total fake bills, 100 yuan bank notes took up 71.5 percent, and the 10 yuan notes accounted for 11.4 percent. A ...

CBRC to focus on credit, liquidity

The China Banking Regulatory Commission (CBRC) said on Monday it will put curbing credit and liquidity risks at the top of its agenda of banking regulation in 2011 and promote reasonable lending to efficiently serve the economy. "We will watch closely for systematic and regional ...

BOC chairman confirms repeal of national credit line

Bank of China Ltd (BOC) will grant new yuan loans according to capital adequacy rate and other indicators as the central government has repealed the national credit line, National Business Daily reported Tuesday, citing Xiao Gang, chairman of BOC. Commercial banks will set their ...

Banking shares hit by policy concerns

Stocks on the Chinese mainland suffered a sharp decline on Monday as concerns of possible expansion of policy tightening measures triggered a sell-off in the property and banking sectors. On Monday, the benchmark Shanghai Composite Index fell 3.03 percent to close at 2706.66, the ...

Mini-QFII program on tryout

China's securities regulator will begin a trial program that for the first time allows local fund houses to raise money offshore for investment in the domestic financial market, two sources said. At least 80 percent of the money raised will have to be invested in the domestic ...

Dangdang.com chief blasts Morgan Stanley

The CEO of online book retailer Dangdang.com blasted Morgan Stanley Monday, accusing the investment bank of significantly undervaluing his company in its initial public offering. "I am publicly criticizing investment banks, criticizing Morgan Stanley," Li Guoqing, chief executive ...
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china

China's reform leading group holds first meeting
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Super car club in commercial drive
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China's banks must evolve or perish
China's banks must evolve or perish
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Injured star short-track skater Wang Meng left out of China's squad for Sochi
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