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COPYRIGHT 2008 Asia Pulse Pty Ltd
An executive briefing on banking for March 27, 2008, prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities.
ASIA COMMERCIAL BANK TO RAISE CAPITAL
HANOI - Asia Commercial Bank's shareholders have decided to increase the bank's charter capital by more than US$200 million this year.
It will also distribute 55 per cent of accumulated dividends in 2007 through share certificates. It will increase its charter capital to VND 6,355 billion (US$401.6 million) from VND2,630 billion (US$166.2 million).
BANK OF CHINA SHARPLY CUTS SUBPRIME RELATED ASSETS IN 2007
BEIJING - The Bank of China (SEHK:3988.HK; SSX:601988) Wednesday said it disposed of a higher risk portion of U.S. subprime mortgage related asset-backed securities (Subprime ABS) and collateralized debt obligations (Subprime CDOs) in the fourth quarter of 2007.
By the end of 2007, the carrying value of Subprime ABS reached US$4.99 billion, representing 2.13 per cent of the bank's investment securities and 0.61 per cent of the group's total asset, according to the bank's just-released 07' annual report.
HUIJIN STAKE IN BOCOM TRANSFERRED TO CHINA'S FINANCE MINISTRY
BEIJING - Central Huijin Investment Co., Ltd. just transferred 3 billion H shares, or a 6.12 per cent stake, from the Bank of Communications (BoCom, SSX:601328; SEHK:3328) to the Ministry of Finance (MOF) for the integration of state-owned financial resources.
Upon completion, MOF's share will rise from 20.36 per cent to 26.483...
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