Bank of Communications (Bocom), one of China’s top state-owned lenders, delivered a cautiously optimistic outlook for its business and the country’s economy even as it posted its slowest earnings growth since at least 2004.Net profit at the Shanghai-based bank rose 0.7 per cent to 92.7...
Heavily indebted China Vanke, one of China’s largest developers, said it has secured a long-term loan from a Chinese commercial bank, providing it some relief following its credit rating downgrade a week ago by Moody’s to junk status.The Shenzhen-based developer said in a statement filed...
Chen Siqing, the lender’s chairman and executive director, has tendered his resignation to the board of directors, with immediate effect, according to a company statement on February 1.The statement said Chen, 63, was resigning because of his age, that he had no disagreement with the...
Bank of China said it plans to sell up to 150 billion yuan (US$21 billion) of loss-absorbing bonds, becoming the nation’s first big state bank to plug a major funding shortfall before a 2025 deadline to meet global capital requirements.The lender said it plans to...
The US Federal Reserve fined Industrial and Commercial Bank of China US$2.43 million for improper use of financial-supervision information.The New York Department of Financial Services, which also oversees the bank’s branch in the state, hit the firm with an additional US$30 million penalty.“Confidential supervisory information...