.contact us |.about us
News > Business News ...
Search:
    Advertisement
Bank of China asset disposal in 2003 totals 72.4b yuan
( 2004-01-09 10:27) (Agencies)

Bank of China said Thursday it recorded total bad asset disposal of 72.4 billion yuan at the end of 2003.

The bank recovered 28.9 billion yuan in cash from those disposals, it said in a statement.

The cash recovery figure surpassed the bank's lower and upper targets for 2003 of 20 billion and 25 billion respectively, the statement said.

Cash recovered from bad debt disposals in the bank's overseas branches reached US$337 million in 2003.

Bank of China and China Construction Bank are under heightened official pressure to reduce their massive bad debt loads since being chosen to lead a state-owned bank pilot reform program. The moves are aimed at helping the banks restructure into shareholding companies ahead of planned public listings.

The pilot program will eventually be extended to Industrial & Commercial Bank of China and Agricultural Bank of China .

The government kicked off these efforts with a US$22.5 billion cash injection from China's foreign exchange reserves into each of the banks at the end of 2003.

China's bank regulator has since issued guidelines aimed at improving the two banks' management standards in line with the restructuring plan.

The pilot program will eventually be extended to two other state-owned commercial banks, Industrial & Commercial Bank of China and Agricultural Bank of China .

 
Close  
   
  Today's Top News   Top Business News
   
+Millions to be laid-off as SOEs streamline
( 2004-01-08)
+'Iron belt' readies financial revival
( 2004-01-08)
+Guangdong steps up hygiene in SARS battle
( 2004-01-09)
+Watchdog to ensure venue building clean
( 2004-01-08)
+Five dead, two injured in building fire
( 2004-01-08)
+Bank of China asset disposal in 2003 totals 72.4b yuan
( 2004-01-09)
+VW revs up to produce new models
( 2004-01-09)
+Bank of China deals with bad loans
( 2004-01-09)
+Legend buys 49% stake held by Time Warner
( 2004-01-09)
+Netcom North up and running
( 2004-01-09)
   
  Go to Another Section  
     
 
 
     
  Article Tools  
     
 
 
     
  Related Articles  
     
 

+ICBC aims for bond issue to boost capital
2004-01-07

+News Analysis: China's "big four" eye commercial banks in real sense
2004-01-07

+China using US$45b to overhaul BOC, CCB
2004-01-06

+Insurer, HSBC acquire bank
2003-12-30

+Legislators mull draft banking laws
2003-12-24

+ICBC offers new online service platform
2003-12-17

+Pace of banking reforms speeding up
2003-12-11

+Standard Chartered Bank seeking local partner in China
2003-12-08

+Shanghai woos HK banking
2003-11-25

 
     
   
        .contact us |.about us
  Copyright By chinadaily.com.cn. All rights reserved