Tag: banks

China Mobile aims to tap into the growing potential for mobile finance and mobile e-commerce through a 20% stake in Shanghai Pudong Development Bank. Competition among China’s banks is set to rise as demand for cash management from local SMEs increases. The country’s fifth-largest lender offers its shares at an average discount of 44.4% to the theoretical ex-rights price of its A- and H-shares. As regulators in China endeavour to control bank lending, 2010 will be a year of balanced growth for China, says J.P. Morgan's Jing Ulrich. The newly created role will also put Fung in charge of the asset management business in the region. Gordon French will take over as head of global markets. Chinese bank spending on technology will reach $11.3 billion by 2011, says Celent. The state agency, which holds Woori shares on behalf of the government, raises $745 million from the sale. The Chinese lender becomes more attractive as valuations for other banks improve. Meanwhile, Sany Heavy Equipment prices its offering at the top of the range for a total deal ... The price range straddles the current A-share price, while offering a discount versus most other Chinese banks listed in Hong Kong. Targeting a combined $5 billion, the two high-profile deals are coming to market at a time when the global equity markets are again starting to look more challenging. The offering, made up of perpetual callable notes with a step-up coupon and preference shares, marks the first bank capital deal in Asia in 12 months. ICBC, mainland China's largest lender by market capitalisation, agrees to pay up to $545 million for Thailand's ACL Bank and launches its first-ever tender offer. HSBC group CEO Michael Geoghegan will relocate to Hong Kong and become chairman of the Asia business in February – a move the bank says reaffirms its commitment to the region. KB Financial Group, the owner of Kookmin Bank, raises $914 million from the rights issue after the underwriters pick up $9 million worth of stock that wasn't subscribed for. Aggressive loan growth could significantly stretch the banks' newly developed risk management systems, and the quality of new loans is expected to be inferior to the quality of ... Yet another Japanese mega-bank succeeds in raising capital, despite a bumpy ride. In advance of opening a full-fledged India office, financial sponsor Advent appoints P J Nayak, previously with UTI and Axis, as an operating partner. BoA-Merrill Lynch, Citi, Credit Suisse and J.P. Morgan lose their mandate for the $1.6 billion deal. The operator of Korea's Kookmin Bank hires Goldman Sachs and Morgan Stanley ... The Shanghai-listed lender mandates BOCI, CICC and Macquarie to arrange its upcoming Hong Kong listing alongside UBS. The bank will target individuals and companies doing cross-border business in the Indochina region.