NEWSLETTER FINANCIAL SERVICES
Banknotes Week ended 14 March 2014
Title
KPMG China’s weekly banking news summary This publication is a summary of publicly reported information, the accuracy of which has not been verified by KPMG.
Final results for the year ended 31 December 2013 In the news Chong Hing Bank China CITIC Bank – Net profit after tax rose 2.6% to HKD 557 million. China Minsheng Bank – Net interest income rose 21.2% to HKD 1.01 billion, while the net interest margin increased 16 basis points to 1.26%. Chong Hing Bank – Net fee and commission income rose 10.9% to HKD 210 million. Harbin Bank – The basic earnings per share increased 2.6% to HKD 1.28. Mizuho Bank – Tier 1 capital ratio increased to 10.82% at the end of 2013. People’s Bank of China – A final dividend of HKD 0.33 per share was proposed for 2013. Ping An Bank
Qingdao Rural Commercial Bank China Minsheng Bank signs agreement with China Taiping – China Minsheng Ta Chong Bank Banking Corp., Ltd has signed a partnership agreement with China Taiping UBS Insurance Group Co., Ltd to promote the development of the insurance agency and pension insurance business, among others.
Harbin Bank approved to list on HKSE – The Hong Kong Stock Exchange has
granted listing approval to China-based Harbin Bank for its USD 1 billion initial public offering. Mizuho Bank opens sub-branch in Shanghai Free-trade Zone – Mizuho Bank (China), Limited has opened a sub-branch in the Shanghai Free-trade Zone. Ping An sells RMB 9 billion worth of bonds – Shenzhen-based Ping An Bank has issued RMB 9 billion worth of 10-year RMB-denominated bonds, with an interest rate of 6.8 percent.
© 2014 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.
Ping An signs agreement with Cinda – Ping An Bank has signed a partnership with China Cinda Asset Management Co., Ltd to promote the development of credit, liquidation and investment banking services. Qingdao Rural Commercial Bank and MoneyGram sign agreement – Qingdao Rural Commercial Bank has signed a partnership agreement with MoneyGram International, Inc. to promote money transfer services for Qingdao residents and foreign expatriates.
In brief China allows privately owned banks – The China Banking Regulatory Commission announced that five privately owned banks in China would be set up on a trial basis in the cities of Tianjin and Shanghai, as well as in Zhejiang and Guangdong provinces. The private banks, which will focus more on small and medium enterprises, will be subject to the same supervision and regulations as existing state-run banks. China halts virtual credit card issuance – The People’s Bank of China (PBOC) has instructed two internet giants, Alibaba and Tencent, to stop plans to issue virtual credit cards in conjunction with China CITIC Bank International, as the PBOC needs to evaluate the risk involved in the service. HKMA grants banking licence to Ta Chong – The Hong Kong Monetary Authority (HKMA) has granted a banking licence to Taiwan-based Ta Chong Bank, Ltd, bringing the number of licensed banks in Hong Kong to 158. HKMA finds UBS tried to manipulate HIBOR – The HKMA announced that its investigation into the manipulation of the Hong Kong Interbank Offer Rate (HIBOR) found that UBS traders tried to manipulate the HIBOR from 2006 to 2009.
Sources: Business Line (The Hindu), China Business Newswire, Dows Jones Institutional News, Global Banking News, India Insurance News, International New York Times, Mena Report., NYT Blogs, SinoCast Banking Beat, and various banks’ and regulators’ websites.
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