China Construction Bank
Founded in 1954 as the People’s Construction Bank of China, China Construction Bank is one of the 'big four' banks in the People's Republic of China. The other three are Industrial and Commercial Bank of China, Bank of China and Agricultural Bank of China. In 2011 CCB was the second largest bank in the world by market capitalisation and 13th largest company in the world.
CCB bids for Dutch bank's Indonesia operation
Chinese lender offers US$300 million for Rabobank assets after profit slows at home
China Construction Bank, the world's third-largest lender by market value, offered about US$300 million for Rabobank's Indonesian unit, a person with direct knowledge of the transaction said.
The Beijing-based bank submitted a non-binding offer in the first round of bidding for the assets, the person said.
Spokesmen for China Construction Bank and Rabobank declined to comment.
CCB, the nation's second-largest lender, is seeking to expand abroad after profit growth slowed last year amid China's weakest economic expansion in three years. The bank made 99 per cent of its revenue from China in 2011, according to data compiled by Bloomberg.
Utrecht, Netherlands-based Rabobank, which sold its asset management unit to Japan's Orix Corp this week for €1.94 billion (HK$19.94 billion), is shedding units to help strengthen its finances.
Rabobank was considering options for its Indonesian operation, which consist of mostly lending to small- and medium-sized enterprises, chief financial officer Bert Bruggink said. It has about 100 branches in the Asian country.
The lender is selling assets as it seeks to meet a target for its core tier-1 capital ratio, a key measure of financial strength, of 14 per cent in 2016, higher than required by regulators. The ratio stood at 12.7 per cent at the end of June.
The company's profit fell 29 per cent in the first half of last year on bad loans to the Dutch construction, retail, property and horticulture industries.