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Everbright to finish restructuring in 1st half
(Agencies)
Updated: 2006-02-06 15:33
China Everbright Bank Co expects to complete its financial restructuring in the first half of 2006, the Beijing Morning Post reports, citing sources.
The bank's restructuring plan includes a capital injection from State-owned Central Huijin Investment Co and a sale of bad assets to China Cinda Asset Management Corp, the report says. It doesn't give the size of the capital injection or bad-asset sale.
The long-expected capital injection was thrown into doubt in December when Xie Ping, general manager of Central Huijin, said the State-run holding company wouldn't take stakes in joint-stockholding banks because of their clearly defined ownership structure. At the time, he declined to say whether his comments covered China Everbright Bank, which is classified as a joint-stockholding bank.
Standard Chartered PLC may take a 19 percent stake in China Everbright Bank once its restructuring is complete, said sources. The bank plans to simultaneously list shares abroad and domestically in the second half of this year or the first half of 2007, says the paper.
China Everbright Bank, in which Hong Kong-listed China Everbright Ltd holds a 21 percent stake, had total assets of CNY530.1 billion at the end of last year, up 22 percent from CNY435.6 billion at the end of 2004. The Asian Development Bank also holds a 1.9 percent stake in China Everbright Bank.
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