Earnings reports released Thursday showed that China’s largest banks have begun cutting back on loans made to local governments. Both Industrial and Commercial Bank of China (ICBC) and Bank of China (BoC) reported a 27% year-on-year increase in first-half net profit to $12.44 billion and $7.65 billion respectively. BoC also reported that its lending to [...]
China’s cabinet has approved proposals by the country’s four largest listed banks to raise a combined $42 billion in additional financing from the securities markets, according to the National Business Daily. The decision comes as Industrial and Commercial Bank of China, China Construction Bank, Bank of China and Bank of Communications have unveiled fund-raising plans [...]
China’s four largest listed banks – Industrial and Commercial Bank of China (ICBC), China Construction Bank Corporation, Bank of China, and Bank of Communications – must add $70 billion to their cumulative reserves to comply with the country’s capital adequacy of 11.5%. In an article, ICBC’s president Yang Kaisheng estimated that the capital requirements are [...]
Bank of China (BOC) is close to issuing a $7 billion share offering in Hong Kong to bolster balance sheets strained by loan growth. Bank of China has already announced plans to issue $5.9bn in convertible bonds on the mainland. The share issue is likely to be limited to a Hong Kong offering easily accessible [...]
The chairman of Bank of China said the lender wants to grow aggressively overseas but doesn’t plan on making any acquisitions. Xiao Gang told reporters Thursday that BoC’s “overseas expansion plans will rely on [its] own strengths,” noting that international business has already increased after foreign banks were crippled by the global financial crisis. He [...]
The American branch of luxury company Gucci has asked a US judge to hold Bank of China (BoC) in contempt for failing to comply with a court order to turn over documents related to a counterfeiting case. In papers filed Tuesday, Gucci, Chloe SAS and Alfred Dunhill, claimed that BoC had refused to surrender records [...]
Two former Bank of China (BoC) managers and their wives received jail sentences Wednesday for a long-running scheme to steal US$485 million from the bank and launder it through Las Vegas casinos and US bank accounts. US District BoC managers Xu Chaofan, and Xu Guojun were both sentenced to over 20 years in prison. Their [...]
Bank of China said its first quarter net profit fell 14% year-on-year to US$2.7 billion due to declines in interest and fee-based income. The lender, the smallest of the mainland’s state-run banks, saw net interest income fall by 9.8% on a yearly basis to US$5.4 billion. Outstanding loans grew 16% during the first quarter, bringing [...]
Bank of China (BoC) has abandoned efforts to purchase a 20% stake in French private bank Financière Edmond de Rothschild after the deal failed to win regulatory approval before a deadline expired. The March 31 deadline already represented a three-month extension on the original cutoff point, but there was still no word from the China [...]
Bank of China (BoC) said its fourth quarter net profit dropped 59% year-on-year to US$646.8 million as the global economic crisis hit the lender’s overseas investments. The bank’s full-year income rose by 14% to US$9.4 billion. The fourth quarter decline – following a 32% gain in the first nine months of the year – indicates [...]
