|
BIZCHINA> News
![]() |
|
ICBC holds $152 m of Lehman's bonds
(Xinhua)
Updated: 2008-09-17 22:43 BEIJING -- The Industrial and Commercial Bank of China (ICBC) said its mainland and overseas branches held a total of US$151.8 million in bonds of or related to the bankrupt US investment bank Lehman Brothers. ICBC said it was considering to draw provisions for the said bonds.
ICBC directly had an exposure of 139 million US dollars of advanced bonds, which would allow the lender to have priority in claiming over other bond and option holders in the bankruptcy of the issuer. The Macao-based Seng Heng Bank Limited, an ICBC subsidiary, held 12.81 million US dollars worth of bonds related to a Lehman Brothers trust. The Lehman bankruptcy would not constitute a substantial impact on ICBC, the bank said, adding it would still keep monitoring market changes, evaluate the risk of the said bonds and draw equivalent write-down provisions according to prudence principle. The said bond investment accounted for 0.03 percent of ICBC's total bond portfolio and 0.01 percent of its total assets, if compared to the figures in its 2008 half-year report. ICBC shares in the domestic stock market sank by the daily limit of 10 percent to 3.42 yuan (50 US cents) on Wednesday. The lender was not the only Chinese bank influenced. China Merchants Bank said earlier in the day in a stock exchange filing that it held 70 million US dollars worth of bonds issued by Lehman. Its stock plunged 9.96 percent to finish at 14.47 yuan, its lowest since December 2006. Bank of China, which was reported to have extended 50 million US dollars in credit to Lehman, slid 6.31 percent to 2.97 yuan. (For more biz stories, please visit Industries)
|
||||
开封县| 扶沟县| 红安县| 政和县| 永年县| 婺源县| 博客| 同心县| 怀宁县| 来安县| 正蓝旗| 景宁| 德兴市| 嘉禾县| 云林县| 历史| 东港市| 许昌市| 建瓯市| 鄂托克前旗| 分宜县| 大荔县| 靖边县| 沅陵县| 石河子市| 四川省| 聊城市| 林甸县| 黄冈市| 德化县| 犍为县| 乡宁县| 霍山县| 莱州市| 汕头市| 通州区| 阳谷县| 永川市| 五原县| 伊宁县| 祁东县|