Banking News
- ICBC to buy into Africa's biggest bank
Date: 26-Oct-2007 Sources: (Shenzhen Daily)
INDUSTRIAL and Commercial Bank of China (ICBC) has agreed to buy into Standard Bank, Africa's biggest lender by assets, a source familiar with the situation said Thursday, in a deal reported to be worth US$5.5 billion.
The source, who asked not to be identified, declined to reveal the size of the stake that ICBC is buying. But he said ICBC will represent two seats on the African bank's board. FT.com, quoting a banker close to the deal, reported that ICBC will pay US$5.5 billion for a stake of about 20 percent in the South African bank.
Shanghai Port to raise container fees
SHANGHAI International Port (Group) Co. (Shanghai Port), China's largest domestic port operator, said Thursday it will raise fees for loading and unloading containers from the beginning of 2008.
The Shanghai-listed company said in a statement that the price for handling each twenty-foot equivalent unit will rise 10 percent to 566.5 yuan (US$75.53) at Waigaoqiao port and 21 percent to 515 yuan at the Yangshan deep-water port. The port operator added that core revenue is expected to increase by 900 million yuan next year because of the higher fees.
Merchants Bank gets nod for leasing venture
CHINA Merchants Bank Co., the country's sixth-largest lender by assets, said in a statement Thursday it received approval from the country's banking regulator to set up a financial leasing firm.
Domestic banks are moving into more fee-based business, such as financial leasing and credit cards, to diversify their revenues away from lending. Fee-based incomes are less volatile than loan revenue in an economic downturn. China Merchants Bank said it will complete preparations for the venture in the next six months and then apply to the country's banking regulator to open for business. It didn't give further details on the venture in the statement.
Alibaba.com IPO likely to raise US$1.49b
ALIBABA.COM Ltd. would likely raise US$1.49 billion in the biggest initial public offering (IPO) by a mainland Internet company by pricing its shares at the top end of an indicative range, people familiar with the situation said Thursday.
The business-to-business unit of Alibaba Group would likely price the sale of 858.9 million shares at HK$13.5 (US$1.75) each, they said.
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