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’ICBC to pay $5.5bn for StanBank stake
Industrial and Commercial Bank of China is to acquire a stake of about 20 per cent in Standard Bank, the largest bank in Africa by assets, in a step-up in China’s investment ambitions on the continent.
Ping pong finance
It may seem like it was only last year that Chinese officials were still encouraging local banks to bring in foreign banks as strategic investors, helping to cleanse the sector of bad loans and modernise its processes.
ICBC clinches Ho’s stake in Seng Heng — and a foothold in the Vegas of Asia
Amid this week’s fanfare around the opening of Venetian Macau, the world’s biggest casino, and Macau’s evolution into a gambling centre to rival Las Vegas, Beijing is moving to tighten its grip on gambling revenues in the former Portugese colony.
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,
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,
Stanley Ho in talks with ICBC over stake
Stanley Ho, the Macao gaming tycoon, is in advanced talks to sell a majority stake in his empire’s banking arm to China’s largest lender, Industrial and Commercial Bank of China. Discussions between Mr Ho’s Seng Heng Bank and ICBC had been under way for three months and a deal was edging closer,
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.
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.
PetroChina aims for $6bn in listing
PetroChina on Wednesday announced plans to launch one of the biggest ever public share offering on the mainland market, making it the latest in a series of large state-owned companies to seek a Shanghai listing.
China’s ICBC to move into US, Russia
Industrial and Commercial Bank of China, the country’s largest lender, has applied for banking licences in the US and Russia as it seeks to expand outside its home market, the bank’s chairman said on Tuesday.
Citic eyes dual IPO as ICBC looks to overseas expansion
Citic Bank could become the second company to conduct a simultaneous IPO in Hong Kong and Shanghai after China’s seventh-largest lender won approval for a mainland listing from Chinese regulators. The bank,
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.
Made in China: what does $200bn get you?
What might you purchase with a little over $200bn? If it’s a bank you’re after there’s a straight choice: old China, with a big piece of the rest of the world now attached, or new China, with nothing international and everything to prove at home.