China
China Minsheng wants control of U.S. Bank UCBH Holdings
Minsheng, China’s first privately owned bank, is seeking U.S. regulatory approval to boost its holding in San Francisco- based UCBH to at least 50 percent from its current 9.6 percent, according to inside sources.The sources have declined to be identified as the talks are private. Minsheng already has an option to raise its stake to about 20 percent, according to Bloomberg News.Daniel Rosen, principal of the Rhodium Group in New York and a visiting fellow at the Peterson Institute for International Economics in Washington, said that Minsheng “has been the vanguard inside China in terms of trying to be more consumer-oriented,” “It doesn’t surprise me they would contemplate doubling down their position in a second-tier niche American bank like UCBH. It would be a good incremental step for them.” Increasing Minsheng’s investment would allow it to learn more about the U.S. banking market and protect its holding in UCBH. Minsheng has plowed $126 million into UCBH since October 2007 and is the bank’s biggest shareholder. UCBH stock has lost 97 percent since then, cutting the bank’s market value to $79 million. The shares advanced 13 percent yesterday.
China Minsheng wants control of U.S. Bank UCBH Holdings
Minsheng, China’s first privately owned bank, is seeking U.S. regulatory approval to boost its holding in San Francisco- based UCBH to at least 50 percent from its current 9.6 percent, according to inside sources.The sources have declined to be identified as the talks are private. Minsheng already has an option to raise its stake to about 20 percent, according to Bloomberg News.Daniel Rosen, principal of the Rhodium Group in New York and a visiting fellow at the Peterson Institute for International Economics in Washington, said that Minsheng “has been the vanguard inside China in terms of trying to be more consumer-oriented,” “It doesn’t surprise me they would contemplate doubling down their position in a second-tier niche American bank like UCBH. It would be a good incremental step for them.” Increasing Minsheng’s investment would allow it to learn more about the U.S. banking market and protect its holding in UCBH. Minsheng has plowed $126 million into UCBH since October 2007 and is the bank’s biggest shareholder. UCBH stock has lost 97 percent since then, cutting the bank’s market value to $79 million. The shares advanced 13 percent yesterday.
Shanghai Pudong Bank completes $2.2 billion share placement
The bank said it placed all shares with a 1 year lock up from selling to institutional investors as other banks line up to refresh their capital base.
China bets the bank on Thailand
In a stunning move that will have regional banks in Asia wondering when the Chinese will come for them, ICBC has just agreed to fork out $545 million to Bangkok Bank for its 20 percent stake in ACL.
ANZ pins high hopes on first Chinese rural bank
The inauguration of ANZ's first rural branch in China aims to cement its position of being Australia's highest earning bank from its Asian operations.
Pomelo farmers hope for fruitful ANZ foray in China
ANZ became the first Australian bank to enter China’s rural market as it lends support to Liangping's pomelo industry.
Deutche wins Chinese banks for payments platform
The Agricultural Bank of China, China Merchants Bank and China Minsheng Banking Corp will use Deutsche Bank’s payment technology.
Two Chinese banks compete for consumer credit operation in Shanghai
Backed by the central government, the winner between Bank of China and the Bank of Shanghai will offer loans at cheaper rates aimed to boost economy.
China rolls over $36 billion bonds issued to CCB
Chinese government extends maturity of bail-out bonds for another ten years after CCB announced inability to repay loans.
CMB sees holdings of foreigners shrinking
Foreign banks cut investments in CMB since August 2009, with JP Morgan Chase & Co., UBS and Barclays Bank among the said investors.
Agricultural Bank of China collaborates with DBS
DBS Bank and Agricultural Bank of China signed an MOU to enhance cooperation in Asia across a wide spectrum of businesses. These include cash management, treasury products, loan syndications, corporate finance, trade finance, asset management and private banking.
StanChart expands dealer base in China
StanChart senior executive John Tan said the bank's addition of dealers by two-thirds in three to five years aims to intensify presence in the country.
Kasikorn, Minsheng collaborate for new product
The two banks set to launch new loan plan to solve financing woes of SMEs.
CCB to establish first yuan-denominated fund
CCB aims to jack up more revenues coming from sources apart from lending by raising $380 million in its first yuan-denominated private equity fund. According to a report in Ethiopian Review, CCB, through its Hong Kong unit CCB International (Holdings) Ltd, is raising over $146 million from China's wealthy individuals, after securing approximately $234 million from institutions for its CCBI Healthcare Fund, which targets healthcare firms ahead of their listings, a sales document seen by Reuters showed.
BEA to acquire stake in Golden Eagle fund
A $4 million deal can provide Bank of East Asia Ltd (BEA) entrance into China's fund market.
Wong is HSBC China's new Deputy CEO and Director
HSBC Bank China appointed Helen Wong as its new Deputy Chief Executive Officer and Director of the Board with immediate effect.
ICBC credits new products for increased incomes
ICBC introduced 320 varieties of new financial products during the first half of this year to increase its incomes in investment banking, debt financing tool underwriting and corporate financing.
ICBC grows assets by pursuing Chinese clients overseas
By extending its overseas operating institutions to 15 countries, ICBC's overseas operating assets as of end of June grew to US$46 billion, increasing 15 percent from the beginning of 2009. So far the Industrial and Commercial Bank of China had set up and owns 143 overseas branch institutions and banks and established agency relationships with 1378 banks in 125 countries and regions.
Thought Leadership Centre
In Association with
Resource Center
Read Here
Advertise
Sign Up
Event News
The bank’s digital solutions are winning over younger generations with 3.
Partner Sites
Thought Leadership Centre
In Association with