China okays Goldman Sachs, ICBC joint wealth management venture
A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014. REUTERS/Lucas Jackson/File Photo
May 25, 2021
China‘s largest bank Industrial and Commercial Bank of China (ICBC) said on Tuesday its unit had received approval to set up a foreign-controlled wealth management firm with Goldman Sachs Asset Management.
The unit of U.S. banking giant Goldman Sachs Group Inc will offer a 51% funding contribution ratio, while the wealth management unit of ICBC will offer 49%, the Chinese bank said in a exchange filing.
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By Morgan Davis
07.45 AM
China Construction Bank Corp turned to the bond market on Thursday to sell a $2.4bn equivalent multi-currency transaction, with each tranche carrying a socially responsible investment (SRI) label. But recent volatility in the region’s credit market, and the issuer’s own ‘ambiguous’ approach to the trade, posed challenges.
Three of CCB s international branches marketed the three currency, four tranche trade. CCB s Hong Kong branch sold two tranches of sustainability-linked bonds (SLBs) a $600m 2024 bond and a $550m 2026 note. Its Luxembourg branch raised €800m ($957.9m) from a three year green bond and
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Asset quality of State banks to remain stable By JIANG XUEQING | China Daily | Updated: 2021-04-01 09:05 Share CLOSE The Industrial and Commercial Bank of China booth at an expo in Guangzhou, Guangdong province. [Photo by Fang Jie/For China Daily]
The credit risk of China s large State-owned commercial banks may increase slightly but their asset quality will continue to remain stable this year, experts said. Holding expectations for China s strong economic growth (this year), the recovery of production and operations of domestic enterprises will speed up. As a result, temporary problems with capital turnover brought by the COVID-19 pandemic will be eased, said Wang Jingwu, vice-president of Industrial and Commercial Bank of China Ltd, the country s largest State-owned commercial lender by assets.
Asset quality of State banks to remain stable chinadaily.com.cn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chinadaily.com.cn Daily Mail and Mail on Sunday newspapers.