CCB:Audit procedure tightened

Yu Yongshun, general manager of the bank's Audit Department, told reporters yesterday that since March this year, the CCB has begun to adopt a "vertical management" model for internal auditing. On July 1, CCB reached a similar agreement with Singapore- headquartered Temasek Holdings (...

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Bibliographic Details
Published inChina daily (North American ed.)
Main Author Su Bei and Zhang Ran
Format Newspaper Article
LanguageEnglish
Published New York, N.Y China Daily 17.08.2005
EditionNorth American ed.
Subjects
Audit departments
Auditing
Corporate governance
Retail banking
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Summary:Yu Yongshun, general manager of the bank's Audit Department, told reporters yesterday that since March this year, the CCB has begun to adopt a "vertical management" model for internal auditing. On July 1, CCB reached a similar agreement with Singapore- headquartered Temasek Holdings (Private) Limited on a strategic partnership. Under the agreement, Temasek will invest US$1 billion in CCB through its wholly-owned subsidiary Asia Financial Holdings Pte Ltd (AFH), and will purchase shares from China SAFE Investments Ltd the largest share-holder of CCB.
ISSN:0748-6154