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Daily Dispatches: Citic expands and Minsheng Bank sees profits surge

Citic Securities, China’s largest brokerage by revenue, assets and market capitalisation, will resume global expansion plans that were put on hold by the financial crisis as it embarks on a joint venture with France’s Crédit Agricole. (Financial Times)

China Minsheng Bank said its 2009 net profit surged 53.5 per cent year on year to 12.1bn yuan, thanks to a net gain of 4.9bn yuan from selling its stake in Haitong Securities as well as its successful listing in Hong Kong. (The Standard)

OCBC Bank’s private banking subsidiary, Bank of Singapore, is hiring staff from other private banks and isn’t about to lose a large number of its team, OCBC chief executive David Conner told shareholders at the bank’s annual general meeting. (Asia One)

Three currency exchange companies will start operations in Shanghai to meet rising demand for foreign exchange in Shanghai, especially during the World Expo 2010.
(Shanghai Daily)

Citigroup posted a US$4.43 billion first-quarter profit, its best result in nearly three years, as the economic recovery reduced the bank’s credit losses and increased prices on even its worst assets. (Straits Times)

A survey has found that more than half of private equity investors plan to put more money in emerging markets. The survey by private equity firm Coller Capital and the Emerging Markets Private Equity Association show investors expect higher returns from emerging markets. (938 Live)

NAB is considering its options in the wake of the Australian Competition and Consumer Commission’s (ACCC’s) decision to oppose its acquisition of AXA Asia Pacific. (Money Management). AMP has been dealt back into the race to acquire the local operations of AXA Asia Pacific. (News.com.au). ANZ has ruled itself out as a fresh bidder for AXA Asia Pacific. (The Australian)

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