No outsider knows the percentages of non-performing loans at the big four banks of China, including the Industrial and Commercial Bank of China and China Construction Bank.
The American connection may make the case of the China Construction Bank more open than most.
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Results from the the third quarter of 2011 were flattered by a big gain from the sale of some of its stake in China Construction Bank.
Last week, Wang Hongzhang , the Chairman of China Construction Bank, the second-ranked Chinese bank by assets, said in an interview that CCB is shopping for an acquisition, most likely a bank in Europe with an international presence.
Bank of China, China Construction Bank and Industrial and Commercial Bank of China all revealed their exposure to the US subprime market recently but added that the damage would be limited.
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The diet continues at Bank of America, with the firm announcing Monday that it has agreed to sell the bulk of its remaining stake in China Construction Bank (CCB) to private investors.
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Possibly the sensibilities of Chinese investors had been hardened by revelations contained in the prospectus of an earlier Chinese initial offering, that of China Construction Bank.
The huge China Construction Bank, the weakest of the big four, had a capital ratio of less than 4% at the end of 1996 and is certainly in an even poorer state today.
Of the big four, China Construction Bank is in the best shape.
Bank of America is expected to follow suit by unloading its 10. 6 percent shares in China Construction Bank by the end of August.
Mr Shang's former job running the China Securities Regulatory Commission goes to Guo Shuqing, who until recently was chairman of China Construction Bank, a giant state-controlled bank.
Abandoned by the former Harrah's Entertainment Inc. in 2008, Baha Mar last year found a new financial backer in the Export-Import Bank of China and a builder in China State Construction Engineering Corp.
Yet although they remain tiny compared with Chinese giants like ICBC and China Construction Bank, there is often more than a whiff of Beijing about the Indian state lenders.
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When converted, the bonds would become equity in Bear Stearns that would amount to 10% to 20% of its total equity, making China Construction Bank its largest shareholder, according to the Journal's account.
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