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China ICBC says South African investment paying off
Shanghai (AFP) May 25, 2009 The Industrial and Commercial Bank of China (ICBC), the world's biggest bank by market capitalisation, said on Monday it received 219 million dollars in dividends from South Africa's Standard Bank. The Chinese lender acquired a 20-percent stake in Africa's largest lender last year and the investment has produced a 7.7-percent return so far, outperforming its overseas bonds, ICBC said in an emailed statement. ICBC and Standard Bank have cooperated on 65 projects, including funding China Oilfield Service's 2.5-billion-dollar purchase of Norway's Awilco Offshore Asa in September, the statement said. As of the end of the first quarter, ICBC's outstanding export credit totalled almost 1.1 billion dollars, the statement said, without giving comparative figures. Beijing-based ICBC has been active in its overseas acquisitions since it purchased controlling stakes in Indonesia's Halim Bank in December 2006 and Macau's Seng Heng Bank in August 2007. State media reported earlier in May that ICBC was eyeing more foreign targets, including troubled US banks, and could make more acquisitions later this year. Share This Article With Planet Earth
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Russian outposts look East, but unspared by crisisKhabarovsk, Russia (AFP) May 24, 2009 It's morning at the market and the traders are opening stalls crammed with Chinese goods, chatting in Mandarin and grabbing a quick breakfast of steaming noodles. But although there is hardly a non-Chinese in sight, this isn't China - it's the second biggest city in the Russian Far East, Khabarovsk. The gigantic Vyborgsky Market on the city outskirts sells everything from radios to fish ... read more |
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