ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

China Construction Bank Has 3 Billion Yuan Exposure to Bankrupt Firm - Report

China Construction Bank Corp. (0939.HK), the country's second-largest bank by assets, has a more than 3 billion yuan ($471 million) exposure to a private company that has filed for bankruptcy in eastern China, Caixin magazine reported, citing unnamed sources at the bank. In its latest edition published Monday, Caixin said that China Construction Bank's Zhejiang provincial branch had lent the funds to Zhejiang Zhongjiang Holding Co., a Hangzhou-based company engaged in property, trade, manufacturing and investment. The company filed for bankruptcy in January. The magazine, citing several unnamed sources, said that the bank's Zhejiang branch had extended only CNY1 billion of the credits to Zhongjiang at the end of 2010, but the loan exposure grew rapidly in 2011 despite the company's deteriorating financial condition. Officials at the China Construction Bank declined to comment on Wednesday, saying that the issue is being dealt with by the judicial system. Zhejiang Zhongjiang was hit by the credit crunch that swept through coastal Zhejiang province late last year, according to local media reports. Zhejiang is a center of private business that is closely tied to exports, now feeling the effects of falling demand in major overseas markets. The combined effect of sluggish overseas demand and a surge in rates in the unofficial -- or gray market -- lending system has hobbled a number of private businesses in Zhejiang province since late 2011. A recent investigation by the city government of Hangzhou found that Zhongjiang has debt of roughly CNY8 billion, including CNY5 billion of bank loans, Caixin said in its report. Cui Binzhou, president of China Construction Bank's Zhejiang provincial branch, has been removed from his post, the report said, adding that about 40 to 50 employees at the bank's Zhejiang branch have been found responsible for the bad loans. It was unclear what sort of responsibility they had in the matter. In addition to China Construction Bank, Industrial & Commercial Bank of China Ltd. (1398.HK), Bank of China Ltd. (3998.HK) and Citibank China Ltd. also have loans issued to Zhongjiang, Caixin said. Bank of China has CNY1 billion of loans to the company, while ICBC has loans of more than CNY150 million while Citibank has tens of millions of yuan loans to Zhongjiang, according to the report. Newspaper website: http://www.caixin.com Write to djnews.shanghai@dowjones.com

Stock News for Citigroup (C)
DateTimeHeadline
03/27/201506:02:13Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
03/27/201506:02:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/27/201506:02:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/27/201503:28:55JPMorgan holds on to top investment banking spot
03/26/201522:20:12Citi to Sell Diners Club Credit Card Operations in Japan
03/26/201521:09:30Portfolio Changes For The First Quarter Of 2015
03/26/201516:02:26Current Report Filing (8-k)
03/26/201515:47:03Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/26/201515:03:42Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/26/201509:29:34Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
03/26/201509:00:00Goodyear and Citi Retail Services Announce Renewal of Long-term...
03/25/201517:26:27Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/25/201511:12:09Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/25/201506:39:12Citi Appoints Catherine Cai To Head China Investment Banking
03/25/201506:02:41Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
03/24/201521:31:15Fiat Chrysler CEO's Testimony Starts in Jeep Lawsuit--Update
03/24/201517:25:48Fiat Chrysler CEO's Testimony Starts in Jeep Lawsuit--Update
03/24/201517:06:44Fiat CEO to Testify In Boy's Wrongful Death Lawsuit
03/24/201511:56:54Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
03/24/201510:29:01Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad