Banking News
- Shenzhen bank cancels GE-sale pact
Date: 24-Oct-2007 Sources: (Shenzhen Daily)
SHENZHEN Development Bank Co. said yesterday its board has decided to cancel an agreement to sell a 7 percent stake to General Electric Co. (GE).
The company didn't give a reason for the decision in a statement. The two parties struck a deal in September 2005 for GE Capital to pay 5.247 yuan (69.96 U.S. cents) a share, or US$100 million, for the 7 percent stake and cooperate on developing the Shenzhen-listed bank's consumer-finance business.
Shenzhen bourse signs MOUs
THE Shenzhen Stock Exchange has signed memorandums of understanding (MOUs) with the Moscow Interbank Currency Exchange and Nordic stock exchange operator OMX AB as part of efforts to boost its expertise.
The memorandums cover information and personnel exchanges, product development as well as technical cooperation, the Shenzhen exchange said in a statement yesterday. The Shenzhen bourse has inked MOUs with 19 exchanges around the world so far, including NASDAQ and exchanges in Osaka, Tokyo, London, Toronto, Berlin, Singapore, Australia and South Korea.
Western Mining to boost copper capacity
WESTERN Mining Co., China's second-largest lead miner, will boost the projected mining capacity of its two copper mines in China's western provinces, it said yesterday.
Western Mining, in which a unit of Goldman Sachs holds an 8 percent stake, has said it would use the proceeds from a share issue early this year to expand facilities including copper mines. The company said it would double the planned mining capacity of an Inner Mongolia copper mine to 4 million tons a year by 2010. The mine went into trial operation last week.
Citibank, Grameen join rural banking pilot
CITIBANK, a unit of Citigroup, and Grameen Trust are following HSBC to take part in a Chinese pilot program for expanding financial services in the countryside, the banking regulator said yesterday.
Zang Jingfan, a senior official with the China Banking Regulatory Commission, told a news conference the U.S. bank was preparing to set up a lending firm in China. He also said the Bangladesh-based microcredit trust would lend technical support to new rural banks in China.
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