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ICBC said it's free of toxic securities

By Yang Zhen (chinadaily.com.cn)
Updated: 2009-02-03 14:51

Industrial and Commercial Bank of China (ICBC), the country's largest commercial lender, said today in a statement that its overseas branches had not bought securities linked to US subprime mortgages.

Related readings:  ICBC reports 14% rise in 2008 loans  ICBC opens first branch in US  ICBC holds $152m of Lehman's bonds

ICBC's response came after the Hong Kong press reported that Bank of China could have invested $7.95 billion in securities linked to US subprime mortgages.

According to ICBC's statement, the value of its overseas assets increased 15 percent in 2008. The lender's revenues from international settlement reached $750 billion for the first time last year. ICBC currently operates 126 branches in 15 countries and regions.