China bank to diversify overseas assets after Dubai exposure: official (2)

12:39, April 03, 2010      

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When Dubai World announced debt restructuring last November, the loans granted by the CCB's Hong Kong branch were categorized as non-performing.

Dubai said that it would spend up to 9.5 billion U.S. dollars to restructure the debt-laden Dubai World conglomerate in a plan that would pay back bank lenders in 5-8 years.

CCB's non-performing loan ratio dropped to 1.50 percent in 2009, down 0.71 percent from the end of the previous year. The lender raised its allowances to non-performing loan ratio to 175.77 percent, or an increase of 44.19 percentage points from the previous year-end.

One of the largest commercial banks in China, CCB has opened 60 overseas operating outlets, including seven branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo, Seoul and New York.

Fan said CCB was now studying the feasibility of setting up branches in regional financial hubs and merging markets like Southeast Asia, the Middle East and Latin America.

CCB reported in its annual result announcement Sunday that its net loans and advances to customers were 4.692947 trillion yuan (687.11 billion U.S. dollars), up 27.4 percent from the previous year-end, while its net profit rose 15.32 percent to 106.84 billion yuan.

Source: Xinhua
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