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Construction Bank denies investing in StanChart

(chinadaily.com.cn)
Updated: 2009-06-03 16:04

In an interview with the Financial Times on Monday, Guo Shuqing, board chairman of China Construction Bank (CCB), denied rumors about buying into Standard Chartered Group, saying CCB wasn't interested in expanding businesses overseas for now.

Quoting the above interview, the China Securities Journal reported that Guo's main concern was the developed countries' weak economic growth and the worrying financial conditions of Western commercial banks amid the global financial crisis.

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Guo went on to remark that when compared with western commercial banks, Chinese banks have a much more adequate capital and the assets are safer. Although the global financial crisis has created a great chance for Chinese commercial banks to develop overseas businesses, the prospects don't look so good. Chinese commercial banks should take care when invest in Western financial institutions, Guo said.

According to the China Securities Journal, since last year, Chinese banks have been searching opportunities to buy into western financial institutions so as to enter into developed countries' market. However, the outcome is not satisfying with most of the financial institutions showing losses of different degrees after their M&A deals completed.

The Financial Times also reported in 2007 that three Chinese banks - Industrial and Commercial Bank of China, Bank of China and CCB made a "cautious and informal" contact with Singapore's Temasek to buy Standard Chartered stakes owned by the latter. But all the three banks denied the report then and Guo now again discouraged the rumor of CCB's investment in Standard Chartered.

Bank of America has made a promise to CCB to remain the second largest shareholder of the Chinese bank, Guo said. "Bank of America earned a lot as CCB's shareholder and it's a right decision for the reform of our banking industry to make foreign investors and banks participate," he said.

Bank of America holds 11 percent of CCB's shares at present, with most of them untradable before August 29, 2011.