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          BIZCHINA> Top Biz News
          ICBC said it's free of toxic securities
          By Yang Zhen (chinadaily.com.cn)
          Updated: 2009-02-03 14:51

          Industrial and Commercial Bank of China (ICBC), the country's largest commercial lender, said today in a statement that its overseas branches had not bought securities linked to US subprime mortgages.

          Related readings:
          ICBC said it's free of toxic securities ICBC reports 14% rise in 2008 loans
          ICBC said it's free of toxic securities ICBC opens first branch in US
          ICBC said it's free of toxic securities ICBC holds $152m of Lehman's bonds

          ICBC's response came after the Hong Kong press reported that Bank of China could have invested $7.95 billion in securities linked to US subprime mortgages.

          According to ICBC's statement, the value of its overseas assets increased 15 percent in 2008. The lender's revenues from international settlement reached $750 billion for the first time last year. ICBC currently operates 126 branches in 15 countries and regions.


          (For more biz stories, please visit Industries)

           

           

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