日韩午夜精品视频,欧美私密网站,国产一区二区三区四区,国产主播一区二区三区四区

Home / News Type Content Tools: Save | Print | E-mail | Most Read | Comment
CCB Acquires Bank of America (Asia) Ltd
Adjust font size:

China Construction Bank (CCB) on Thursday inked an agreement with Bank of America (BOA) to acquire 100 percent of equity interest in Bank of America (Asia) Limited, the wholly owned subsidiary of BOA in Hong Kong.

Payable in cash, the acquisition is valued at 9.71 billion HK dollars (about US$1.24 billion), representing nearly 1.32 times of the book net assets of BOC (Asia) worth 7.38 billion HK dollars (about US$949 million).

The acquisition is subject to the approvals of the Chinese and overseas authorities and CCB shareholders in a general meeting.

Officials from CCB and BOA said that they expected the acquisition will be completed before the end of this year.

"Bank of America (Asia) shows little overlapping with CCB business in Hong Kong. Therefore, it is a very appropriate choice of acquisition for us," said Zhang Jianguo, the newly appointed CCB President.

After the acquisition, CCB's business in Hong Kong will more than double, and the total amount of customer loans will be the 9th highest in the Hong Kong banking industry, said Fan Yifei, vice president of CCB.

"The acquisition will immediately enhance the per share earnings of CCB," he noted.

Also on Thursday, CCB announced its 2006 interim results in Hong Kong. For the six months ending June 30, 2006, the bank reported operating income of 70.86 billion yuan (US$8.89 billion), up 12.6 percent over the same period last year.

Meanwhile, CCB scooped a net profit of 23.23 billion yuan (US$2.91 billion), jumping 13.3 percent over the corresponding period last year.

The bank's earnings per share stood at 0.10 yuan (about one US cent), while its non-performing loan ratio decreased from 3.84 percent at the end of last year to 3.51 percent.

"The acquisition deal has created a win-win situation for both parties," said a spokesman of CCB, noting that the deal will help CCB to expand its overseas presence and retail banking business.

Bank of America (Asia), locally incorporated with more than 90 years' history, is one of the longest established banks in Hong Kong. In 1992, the bank became part of BOA and has now 17 banking centers in Hong Kong and Macao.

One of the highest rated banks in Hong Kong, BOA (Asia) reported an after-tax net profit of 537 million HK dollars (US$69.2 million) in 2005.

CCB is China's third-largest commercial bank and was listed on the Hong Kong Stock Exchange in October last year.

"CCB will be developed into an integrated financial service provider in Hong Kong, with retail banking, wholesale banking, investment banking and insurance service as its pillar businesses," Zhang.

(Xinhua News Agency August 25, 2006)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- CCB Acclaimed as Country's Top Bank
- CCB Sells US$120 Mln Worth of Mortgage Assets
- CCB Leads Asian Banks in Profits
- CCB to Start Overseas Investment Program
- China Construction Bank Appoints New Chief
- Report: CCB Plans Overseas Purchase
Most Viewed >>
- World's longest sea-spanning bridge to open
- Yao out for season with stress fracture in left foot
- 141 seriously polluting products blacklisted
- China starts excavation for world's first 3G nuclear plant
- Irresponsible remarks on Hu Jia case opposed 
- 'The China Riddle'
- China, US agree to step up constructive,cooperative relations
- FIT World Congress: translators on track
- Christianity popular in Tang Dynasty
- Factory fire kills 15, injures 3 in Shenzhen

Product Directory
China Search
Country Search
Hot Buys
主站蜘蛛池模板: 辽宁省| 盘锦市| 芜湖县| 收藏| 濮阳县| 洮南市| 田林县| 嘉定区| 永嘉县| 盐山县| 九台市| 乐山市| 泌阳县| 崇仁县| 乳山市| 阿尔山市| 依兰县| 孟村| 凤山县| 疏附县| 恭城| 太和县| 临潭县| 苍南县| 新营市| 安吉县| 电白县| 柳江县| 弥勒县| 通江县| 夏河县| 雅江县| 武穴市| 柳江县| 鹿泉市| 个旧市| 怀集县| 定边县| 云梦县| 龙门县| 延安市|