Last updated at: (Beijing Time) Tuesday, April 01, 2003
China Construction Bank, Morgan Stanley Seek NPL JV
China Construction Bank plans to seek approval in April for a joint venture with U.S. investment bank Morgan Stanley to dispose of nearly 500 million US dollars in bad loans.
China Construction Bank plans to seek approval in April for a joint venture with U.S. investment bank Morgan Stanley to dispose of nearly 500 million US dollars in bad loans.
China Construction Bank says a tentative agreement has been reached with Morgan Stanley to set up the joint venture.
The state-run bank is racing to clear up 270 billion yuan, or 32 billion US dollars, of non-performing assets on its loan book before a planned public share offer.
Bank governor Zhang Enzhao has set a target of cutting non-performing loans to 10 percent of outstanding loans within the next two years, from 15.4% at the end of 2002.