ICBC to accelerate foreign expansion MARKETPLACE by Bloomberg 4 Edition

Chinese banks, flush with cash after raising $63 billion selling stock in the past two years, are seeking targets overseas as the U.S. subprime mortgage meltdown hurts financial stocks globally. China Citic said Tuesday that it mightbid for part of Bear Stearns, the Wall Street firm hit hardest by t...

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Bibliographic Details
Published inInternational herald tribune
Main Author Zhao Yidi and Luo Jun
Format Newspaper Article
LanguageEnglish
Published Paris New York Times Company 18.10.2007
EditionInternational edition
Subjects
BEIJING
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Summary:Chinese banks, flush with cash after raising $63 billion selling stock in the past two years, are seeking targets overseas as the U.S. subprime mortgage meltdown hurts financial stocks globally. China Citic said Tuesday that it mightbid for part of Bear Stearns, the Wall Street firm hit hardest by the collapse in U.S. mortgage- backed securities. "ICBC has the financial muscle to acquire almost anyone they like," said Li Qing, an analyst at CSC Securities HK in Shanghai. "But they should make overseas acquisitions prudently as they don't have adequate management capability and market knowledge."
ISSN:0294-8052