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’RBS eyes another China foothold
Royal Bank of Scotland is to consider investing in a second Chinese institution as the banking group seeks to build up its investment banking operations in the country. RBS is to discuss taking a 19.9% stake in Suzhou Trust,
Another day, another (Singaporean) SWF transaction…
It seems to be SWF week, with the deals flying thick and fast, though thanks to Temasek, the Singapore investment company, some of the current activity focuses on the selling-off of stakes.
Temasek on Thursday made the third sale in a week of holdings in a Chinese company,
Temasek signals further China doubts
Temasek Holdings, the Singapore state investment company, gave further signals on Thursday of its belief that several areas of the Chinese economy have reached their cyclical peak, with the third sale in a week of holdings in mainland companies.
Bank of China shares slide on Temasek move
Shares in Bank of China fell more than 9% in Tuesday trading after Temasek, the Singapore state investment agency, trimmed its holding in the mainland Chinese lender. Temasek, the bank’s second largest foreign shareholder,
SWFs: Watch out, the force is with them
It seems barely a day goes by now without news of one sovereign wealth fund or another buying yet another chunk of western financial or corporate heritage. In the last 24 hours alone, we’ve heard about Abu Dhabi’s rather lucrative Citigroup deal and Dubai’s swoop on a stake thought to represent nearly 5 per cent of Sony.
Chinese banks seek stake in StanChart
China’s three leading banks have approached Temasek, the Singapore state investment agency, to discuss the possible acquisition of its 17% in Standard Chartered, the UK-based emerging-markets lender.
Asian stocks tumble
Asian markets fell across the board on Friday, following the declines on Wall Street. Nikkei fell 1.7 per cent and Hong Kong shed 836 points, or 2.7 per cent, while Taiwan’s Taiex index fell 238.026, or 2.5 per cent.
Subprime danger limited – but what about Chinese stock market exposure?
A slew of reassuring headlines appeared on Tuesday, arguing that China exposure to the dreaded US subprime mortgage market was limited – or at least manageable.
Reuters reports an assistant central bank governor as saying that the country’s commercial banks had set aside adequate provisions for dealing with potential problems from their exposure,
CDS report: Credit derivatives markets weaken in thin trade
European credit derivatives markets edged wider on Friday, as traders digested comments by Countrywide’s chief executive that the US could be heading for a recession.
Europe’s benchmark iTraxx Crossover index,
What’s the real Bank of China price?
“The market will continue to rise, the upward trend is still quite clear,” Chen Huiqin, of Huatai Securities in Wuhan, explained to the FT on Friday. “There is just too much money in the market, especially in the hands of the fund managers,
Bank of China in subprime provision
Bank of China, the country’s second biggest lender, said on Thursday it held nearly $10bn of securities backed by US subprime mortgages, the most of any bank in Asia. However, the debt is mostly rated AAA and actual losses are expected to be relatively small,
Bank of China reveals $9.7bn subprime exposure
Proof there’s more subprimemania to come: BoC has announced it has $9.7bn of US subprime holdings.
All this on the back of earlier reports, cited by Bloomberg, that the Bank could lose $500m through its subprime exposure.
China in new step to open capital markets
China’s capital markets on Monday took a significant step towards integration with the rest of the world when Beijing announced it would allow individuals directly to buy securities offshore for the first time.
Subprime losses: now it’s China’s turn
Chinese state lenders, including the Bank of China, are expected to announce losses from their exposure to the US subprime lending market when they release their first-half results in the coming weeks.
ICBC: One company that had a (truly) great day in the markets
Amidst the chaos of sliding markets, at least one – very big – company had a very good day. The Industrial & Commercial Bank of China, until Thursday the worst-performing stock on China’s 300-strong benchmark index,
China hits international banks over ‘hot money’
Ten international banks, including HSBC and Standard Chartered, have been punished by China’s foreign exchange regulator for breaching strict capital controls by helping to funnel foreign exchange into the country’s stock and property markets.
Bank of China plans first HK bond issue
Bank of China is to ask shareholders for permission to issue up to Rmb3bn ($392m) in renminbi bonds in Hong Kong, in what could be the first such issuance in the territory. BoC said on Monday it would seek shareholder authorisation at its June 14 annual general meeting to sell the Rmb-denominated bonds in Hong Kong but did not specify when a sale might happen.
China’s ICBC leapfrogs BoA to become world’s second largest financial firm
Industrial & Commercial Bank of China has overtaken Bank of America as the world’s second- most valuable financial firm, even though the Beijing-based company earns about one-third the profit, reports Bloomberg.
RBS/Coutts royal links may help woo China’s millionaires
Coutts, the UK private bank that counts the Queen of England among its clients, is hoping to woo China’s fast-growing army of millionaires, says Lombard. Unlike its foreign rivals, which are creating wholly-owned local businesses,
RBS and Bank of China launch high-end business
Royal Bank of Scotland and Bank of China, the country’s second-biggest lender, on Tuesday launched a private banking business targeting rich Chinese with more than $1m to invest. Sir Fred Goodwin, RBS chief executive,