Banking News
- ICBC fund venture to invest overseas
Date: 11-Oct-2007 Sources: (Shenzhen Daily)
ICBC Credit Suisse Asset Management Co., in which Credit Suisse Group holds a 25 percent stake, said yesterday it received approval from the securities regulator to invest in overseas securities products.
China's overseas investment program, referred to as the Qualified Domestic Institutional Investor (QDII) program, allows funds to raise cash in yuan or foreign currencies and invest them abroad in a broad range of assets, including stocks and other securities.
ICBC Credit Suisse said in a statement it will focus its investments on stocks of mainland companies listed in overseas markets and foreign companies that will benefit from China's economic growth.
Industrial & Commercial Bank of China Ltd., China's largest bank by assets, is the biggest shareholder in ICBC Credit Suisse with a 55 percent stake. China Ocean Shipping (Group) Co., the country's largest shipping firm by capacity, holds 20 percent of the venture.
The China Securities Journal reported yesterday that Changsheng Fund Management Co. also received approval from the securities regulator to invest abroad under the QDII program.
The China Securities Regulatory Commission issued detailed rules in June on overseas investments by securities companies and funds, expanding the overseas investment program for domestic investors.
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