国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

  Home>News Center>China
       
 

ICBC to sign deal with Goldman Sachs
(AP)
Updated: 2006-01-27 13:48

China's biggest bank, state-owned Industrial and Commercial Bank of China, is set to sign a long anticipated "investment deal" on Friday with Goldman Sachs Inc. and other foreign investors, a bank official said.

A spokesman in the Beijing-based bank's news department confirmed reports that the deal was to be signed Friday. However the official, who gave only his surname, Xie, said he could not give any details.

The bank, known as ICBC, had earlier announced that investors including Goldman Sachs Group Inc., American Express Co. and Allianz AG of Germany 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, for US$3.78 billion (euro3 billion) , 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), the report said, citing unnamed sources.

Instead of signing a joint agreement as a consortium, as earlier expected, each investor was set to sign a separate agreement with the bank in a ceremony Friday afternoon in Beijing, the reports said.

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.

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.



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

 

   
  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
   
  RMB gets wider use across region
   
 
  Go to Another Section  
 
 
  Story Tools  
   
  News Talk  
  It is time to prepare for Beijing - 2008  
Manufacturers, Exporters, Wholesalers - Global trade starts here.
Advertisement
         
托克托县| 兰州市| 金乡县| 常宁市| 开化县| 新河县| 延安市| 沾化县| 苏尼特右旗| 隆回县| 靖宇县| 德钦县| 舒城县| 黄平县| 林甸县| 合川市| 镶黄旗| 金堂县| 三河市| 义马市| 毕节市| 盘山县| 纳雍县| 泊头市| 铜鼓县| 台中市| 高淳县| 大足县| 宜兰市| 绥芬河市| 马关县| 沭阳县| 郧西县| 巩留县| 克东县| 开封县| 大渡口区| 卢龙县| 浦东新区| 衡阳县| 达州市|