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Japan:
Second India-Japan strategic dialogue on economic issues
China:
India-Brazil-South Africa to cooperate in health sector
South Korea:
South Korea Gives US Beef The All Clear
India:
Indian government approves re-structured APDRP
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Restoration of Indo-Pak dialogue to push trade
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India-Brazil-South Africa to cooperate in health sector
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Fastest Growth for Thailand Economy in Six Quarters
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Taiwan Enjoy Expanded Trade Surplus
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Malaysia economy grows and banking liberalises
Bank of China negotiates public offering of foreign markets
by Brian TurnerThe Bank of China has been negotiating with as many as ten potential foreign partners ahead of its initial public offering on foreign markets.
Among the potential partners are Bank of America, Deutsche Bank, and UBS. The announcement comes after months of refusals by Bank of China to disclose exactly who it was negotiating with.
The negotiations have been going on for at least a year, and Thursday’s announcement is seen as an attempt to accelerate the process.
Bank of China’s IPO is expected to occur as early as later this year. China Construction Bank had been expected to list first, but the recent departure of its chairman in the midst of scandal might mean a delay that will make Bank of China first.
The IPOs of both banks are perceived as part of China’s attempt to overhaul its financial system. Both banks are state-owned and have been restructured extensively, but both have also been the focus of questions about their ability to improve their operations amid scandal.
In return for the infusion of billions of dollars into the banks, foreign banks may get board seats. They are not likely, however, to gain any management control of the banks because of their size. The Bank of China is one of China’s big four state-owned banks.
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