Topic
China Merchants Bank was founded in Shenzhen in 1987 as China's first joint-stock commercial bank. Its operations span commercial banking, financial leasing, fund management, life insurance, overseas investment banking, consumer finance and wealth management. The bank has almost 2,000 branches and sub-branches in 130 cities in mainland China as well as six branches and two representative offices overseas.
- Certificate of Deposits have become popular after China’s floundering stock markets dented investor’s risk appetite
- Banks are cutting deposit rates as the property crisis, mounting local government debt, and slow consumption recovery weighed on their profitability and earnings
‘The situation of controlling the risks from the property sector remains serious,’ a Bank of Communications spokesperson says.
The National Supervisory Commission, China’s top anti-corruption watchdog, said on Friday that it was investigating Tian Huiyu for a suspected “serious violation of the party’s discipline and law”.
Losses snowballed over two days after the board voted 15-0 to remove Tian Huiyu as president and director, leaving shareholders in the dark.
Stocks slumped as trading resumed after a two-day holiday. Bad news came in the form of weak easing signals from the People’s Bank of China and a plunge in China Merchants Bank.
The unexpected move followed the worst sell-off of Merchants Bank’s shares since 2015 in Shanghai, which erased about 71 billion yuan (US$11.1 billon) in value in one day.
The third-quarter review broadens Hang Seng’s coverage to 60 from the current 58. The index is the world’s third-biggest decliner this year having fallen 9.5 per cent so far.
Shares of China Merchants Bank, a blue-chip stock in Hong Kong, tumbled on Monday, with investors shying away from risky assets that could face further headwinds as the trade war between China and the US escalates once again.
China’s banking industry will need to raise 2 trillion yuan (US$291 billion) to replenish their capital in the event of three bear scenarios.
Mainland Chinese commercial banks China Merchants Bank, Bank of Communications and Shanghai Pudong Development Bank on Tuesday dismissed allegations they were in possible breach of US sanctions against North Korea.
China Merchants Bank expects big challenges ahead as it revealed first-half profit of 26.2 billion yuan (HK$33.2 billion), a day after it won approval to sell shares in Hong Kong in what could be the world's second-biggest stock offering this year.