China bank to diversify overseas assets after Dubai exposure: official

12:38, April 03, 2010      

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China Construction Bank (CCB), the country's second largest lender, would strictly control its overseas operation risks and diversify assets in the future after exposing 1 billion U.S. dollars to Dubai World debt, a senior executive said Friday.

CCB vice president Fan Yifei told Xinhua that the bank would give priority to developing overseas business closely related to domestic operations while gradually putting risk management of overseas branches under a uniform risk control system.

Fan said the bank would strictly control its overseas branches' bond and loan investments to reduce non-preforming loans.

The lender will focus on funding domestic enterprises to operate overseas and facilitating trade exchanges, he added.

CCB share price dipped 0.35 percent to close at 5.69 yuan in Shanghai Stock Exchange Friday.

CCB disclosed Sunday it had set aside provision for around 1 billion U.S. dollars of loan granted by its Hong Kong branch to Dubai World.

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