big four closer to state bailout

PUBLISHED : Thursday, 25 December, 2003, 12:00am
UPDATED : Thursday, 25 December, 2003, 12:00am
 

The central government is close to announcing a package to recapitalise the Big Four state-owned commercial banks.


Bank of China, the nation's second-largest lender by assets, will get a US$20 billion government bailout as soon as next week, an executive at the bank said, according to Bloomberg.


The bailout would help the practically insolvent Big Four - Bank of China, China Construction Bank, Agricultural Bank of China and Industrial and Commercial Bank of China - meet stock listing requirements.


Share

 

Send to a friend

To forward this article using your default email client (e.g. Outlook), click here.

big four closer to state bailout

Enter multiple addresses separated by commas(,)

For unlimited access to:

SCMP.com SCMP Tablet Edition SCMP Mobile Edition 10-year news archive