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Article: ICBC DIRECT LOSS NOT THAT SEVERE IN FINANCIAL CRISIS
- Article from:
- AsiaInfo Services
- Article date:
- February 5, 2009
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AsiaInfo Services
02-05-2009
ICBC Direct Loss Not That Severe in Financial Crisis
SHANGHAI, Feb 05, 2009 (SinoCast Daily Business Beat via COMTEX) -- As the overseas agencies of Industrial and Commercial Bank of China (ICBC, 601398.SH, 1398.HK) did not hold any subprime mortgage-backed bonds, the lender did not suffer too severe direct losses during the financial crisis, ICBC stated on its website.
As at December 31, 2008, the assets of ICBC's overseas agencies soared 15%, with international settlement rose to USD 750 billion for the first time and international trade financing broke USD 50 billion for the first time.
Pursuant to the lender's financial report for the third quarter of 2008, ...
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