久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

  Home>News Center>China
       
 

Foreign trio banks invest US$3.78b to ICBC
(AP)
Updated: 2006-01-27 16:17

China's biggest bank, state-owned Industrial and Commercial Bank of China, on Friday signed a US$3.78 billion (euro3 billion) investment deal with Goldman Sachs Group Inc., American Express Co. and Germany's Allianz AG.


Industrial and Commercial Bank of China, the nation's largest lender, has frozen talks with two Arab state investors negotiating for a one billion US dollar stake, according to a press report. [AFP]

The investment will involve the purchase of newly issued shares in the Beijing-based bank, known as ICBC, the companies said in a statement.

The statement did not provide a breakdown for the size of investment for each company or the stake each will own. It said the deal is subject to regulatory approval.

The deal was signed at a ceremony in Beijing that was not open to media.

The bank had earlier announced that the three companies planned to buy a combined 10 percent stake for more than US$3 billion (euro2.5 billion).

The Wall Street Journal reported Friday that ICBC had agreed to sell the stake as planned, with Goldman Sachs and its private equity funds investing US$2.58 billion (euro2.11 billion) for about 7 percent of the bank.

Allianz would pay US$1 billion (euro820 billion) for a 2.5 percent stake and American Express would invest US$200 million (euro163 million), it said, citing unnamed sources.

Meanwhile, Citigroup's spokesman in Shanghai said he could not comment on reports that the State Council, or Cabinet, was due soon to announce a decision on its bid for a stake in Guangdong Development Bank. Staff at the Chinese bank also refused comment.

According to reports in the Chinese media, a consortium led by Citigroup bid nearly US$3 billion for a majority stake in the struggling mid-sized lender, based in the southern province of Guangdong. But it faces competition from other contenders, including France's Societe Generale SA.

According to the Wall Street Journal, Citigroup's offer would net it a stake of between 40 percent and 45 percent, with U.S. private equity firm Carlyle Group taking a 10 percent stake.

China usually limits investments by a single foreign institution in a state-run bank to less than 20 percent, with total foreign investment capped at 25 percent.

But the Guangzhou-based bank reportedly is being allowed to sell off a larger share of its equity than usual because of its urgent need for capital and its large burden of bad loans.

Chinese regulators are encouraging foreign banks to take strategic stakes in the industry, both as a source of funding and to upgrade local bank services with foreign managerial and technical expertise as the industry prepares for the opening of local financial markets to full foreign competition late this year.

With more than 20,000 branches, ICBC is a giant in an industry dominated by huge banks. By the end of September, its deposits totaled 5.59 trillion yuan.

Like other major Chinese banks, ICBC is in the midst of a restructuring and preparing to sell its stock on the Hong Kong exchange, possibly later this year, aiming to boost its competitiveness.

ICBC recently announced the founding of a US$248 billion yuan (US$30.6 billion; euro25 billion) joint-stock company, equally owned by the Ministry of Finance and the government-owned Central Huijin Investment Co. In April, the government injected US$15 billion into the bank to help replenish its funds, while writing off 705 billion yuan (US$87.5 billion; euro71.41 billion) in bad loans.

The bank recently reported that its unaudited operating profit in 2005, before provisions for losses, grew six-fold to 90.2 billion yuan (US$11.2 billion; euro9 billion) and its capital adequacy ratio was 10.26 percent, similar to other big Chinese state banks.



Reach for "Fu"
Cargo plane takes dive while leaving Pudong
Snow storm hits Xinjiang
  Today's Top News     Top China News
 

China welcomes Russian nuclear proposal on Iran

 

   
 

Harper calls for apology to Chinese-Canadians

 

   
 

Hamas captures landslide parliamentary win

 

   
 

Hukou blamed for compensation discrepancy

 

   
 

Top Banker: Forex policy in good shape

 

   
 

Medical disaster brings ministry warning

 

   
  Foreign trio banks invest US$3.78b to ICBC
   
  China welcomes Russian nuclear proposal on Iran
   
  Hukou blamed for compensation discrepancy
   
  Pearl River Delta region braced for new salt tide
   
  Medical disaster brings ministry warning
   
  15 punished for toxic slick in river
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  Related Stories  
   
ICBC to sign deal with Goldman Sachs
   
ICBC, BOC set to lead record year for share sales
   
ICBC freezes talks with Arab investors
   
National welfare fund eyes ICBC stake
   
ICBC says profits up on increase in services
   
Middle East funds eye stake in ICBC
   
ICBC sets up joint-stock bank, readies for IPO
  News Talk  
  It is time to prepare for Beijing - 2008  
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
主站蜘蛛池模板: 中国一级毛片免费观看 | 夜间福利在线观看 | 九九视频在线观看6 | 99久久国产综合精品网成人影院 | 久草久草在线视频 | 欧美成人免费一区在线播放 | 一区二区三区免费视频观看 | 国产精品九九 | 久久久久久青草大香综合精品 | 久久久精品久久视频只有精品 | 成人午夜爽爽爽免费视频 | 在线毛片免费 | 国产欧美一区二区三区沐欲 | 激情宗合网 | 青青自拍视频一区二区三区 | 国产精品正在播放 | 成年人免费在线视频 | 特黄a大片免费视频 | 特大一级aaaaa毛片 | 久久91精品国产91 | 久久久久女人精品毛片 | 欧美成人高清性色生活 | av成人天堂 | 日韩毛片基地 | 九九久久精品国产 | 国产亚洲欧美久久精品 | 黄视频在线免费 | 国产综合精品一区二区 | 日本三级欧美三级 | 久久综合给合久久狠狠狠97色69 | 久草视频网站 | 免费看成人频视在线视频 | 国产亚洲国产bv网站在线 | 香蕉成人国产精品免费看网站 | 沈樵在线观看福利 | 国产欧美日韩视频在线观看 | 草草视频在线观看最新 | 青久草视频 | 欧美日韩亚洲综合另类ac | 韩国欧洲一级毛片免费 | 大尺度福利视频奶水在线 |