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Daily Dispatches: BoC plans share listing and rural banking expansion

Bank of China is closing in on a $7bn share offering in Hong Kong, in the latest move by mainland lenders to bolster balance sheets strained by loan growth. The bank is this week interviewing investment banks to help advise on the capital raising, people familiar with matter said. China’s state-controlled banks are rushing to raise money from public markets to shore up balance sheets after a year of unprecedented loan growth and the introduction of stricter capital requirements by regulators. (Financial Times)

Bank of China and Temasek Holdings may invest as much as 20 billion yuan (about US$ 2.9bn) to build a rural-banking business in China. The firms are said to be in talks about setting up as many as 400 rural banks, each a separate legal entity. (938 Live)

Nomura Holdings’ chief executive in Europe, one of the driving forces behind the acquisition and integration of Lehman Brothers’ European and Asian operations, will step down after more than a decade with the Japanese bank. Sadeq Sayeed will remain in his post until a successor is found, Nomura said in a statement Tuesday. (Wall Street Journal)

China is in the midst of “the greatest bubble in history,” said James Rickards, former general counsel of hedge fund Long-Term Capital Management. (Bloomberg)

A former Macquarie worker yesterday tearfully told the Supreme Court in New South Wales, Australia of the intense pressure he said led him to conduct irregular trading, netting him about A$3.6m. Oswyn De Silva said he was stressed because he was “being told to perform, how to cut my hair, told how to dress, being told I looked too young for the role”. (news.com.au)

Wall Street boutique investment bank Greenhill & Co will buy Australian financial advisory firm Caliburn Partnership for $US91m ($99.6m) in shares. (Sydney Morning Herald)

A witness in the damning US inquiry into the collapse of Lehman Brothers was laid off by the bank a month after he raised concerns about the way it had accounted for $US50bn of risky loans. (The Australian)

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