Others News
- Shares fall on rate hike fears
Date: 5-Nov-2007 Sources: (Shenzhen Daily)
MAINLAND stocks fell Friday as investors showed caution over a possible interest rate hike and many were hoarding cash ahead of PetroChina's trading debut in Shanghai today.
The benchmark Shanghai Composite Index fell 2.3 percent, or 136.47 points, to 5,777.81. The Shenzhen Composite Index fell 2.9 percent to 1,386.63.
CITIC Securities board approves Bear deal
CITIC Securities Co. said Friday its board approved a planned alliance with Bear Stearns Cos., which will give the two firms cross-ownership in each other.
The transaction is still pending approval from Chinese and U.S. regulators, Shanghai-listed CITIC Securities, China's largest securities firm, said in a statement. Bear and CITIC Securities said earlier they agreed in principle to invest about US$1 billion in each other for minority stakes that could be expanded, and to operate a 50-50 joint venture in Hong Kong to offer capital markets services across Asia.
SocGen eyes yuan retail banking license
SOCIETE Generale SA (SocGen) will likely gain approval to locally incorporate its operations in China around March, allowing it to offer yuan retail banking services, co-chief executive Philippe Citerne said Friday.
SocGen will first offer corporate banking services in April, followed by individual banking services some time later, and plans to open 60 branches in China over five years, he said. He also said SocGen doesn't have plans now to buy stakes in very large national banks in China, but may do so in smaller Chinese banks.
ICBC hiring employees for Sydney branch
INDUSTRIAL & Commercial Bank of China Ltd. (ICBC), the country's largest lender, has started hiring employees in Sydney in its latest step toward setting up a branch in the city.
ICBC placed ads in the Australian Financial Review on Friday seeking credit analysts, treasury dealers, as well as risk-management, and settlement and deposit managers. An ICBC news officer in Beijing said the bank has received approval from the Chinese Government to set up a branch in Sydney but is still waiting for a license from the Australian authorities. The bank already has a representative office in Sydney.
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