Skip to comments.Bank of China open to buy US banks
Posted on 09/28/2008 1:44:16 PM PDT by DeaconBenjamin
TIANJIN (CHINA): Bank of China, the country's largest foreign exchange lender, is open to buying into US banks in the wake of the global financial crisis, a senior executive said on Sunday.
Banking industry observers in China are torn over whether the fall in the share prices of many US financial firms presents more of a risk or a buying opportunity. Zhu Min, vice-president of Bank of China, did not shy away when asked whether his bank was currently considering making investments in Wall Street. "We are open. From a business point of view, we are looking for all the possible deals everywhere," Zhu told a meeting of the World Economic Forum being held in this northern port city.
While Zhu did not elaborate, his remarks contrast with more cautious comments by senior executives of other Chinese banks on their plans for expanding overseas. Guo Shuqing, chairman of China Construction Bank Corp said on Saturday that CCB would be relatively careful in considering whether to make purchases abroad, especially in the US.
Jiang Jianqing, chairman of Industrial and Commercial Bank of China, said that the country's biggest lender would be careful in exploring US acquisitions during the current turmoil. However, Antony Leung, chairman of greater China for US private-equity house Blackstone Group, said on Sunday that the recent fall in asset prices could present good buying opportunities for Chinese investors, including China Investment Corp (CIC), the $200 billion sovereign wealth fund.
"Right now, whether we're talking about CIC or other investors, I think it's a chance you see only once a century," Leung told the forum. "When the market is good, it's hard to even get the opportunity to buy a relatively big strategic stake in a good-quality company overseas. Now you have that chance."
Oh swell. Not.
Communism, er, capitalism at work.
Perfect. Another great day for the USA. Wake up people. Ron Paul is not a KOOK. It is as plain as the nose on your face. We are the KOOKS for not believing him.
Ah yes, just like when the Japanese bought our entire country in the 80s...oh that’s right, how’d that end up?
Appearing on 911 truth kook shows makes him a kook. Surrendering to terrorism makes him a kook. If it talks like a kook and walks like a kook, it’s a kook.
They do this, they’ll own part of the country.
While all of the banks in China are state-owned. Some here have replied with the relativistic and fallacious argument that some of the US banks are now state-owned. Do you see where we’re going, and who is taking us there?
Most of our business leaders are now with the far left in many ways. There’s little or no public discussion of the globalism that brought us to the “bailout” and even the previous “bailout.” We need to be building more than houses (mansions at that).
Look at the headlines on these articles. Figure it out before it is too late to save yourself. We ARE getting screwed. Paul is obviouly right about this. When you are right...You are right.
I really need to learn some really dirty and offensive chinese words.
Countries come to en end. #1. Incapable of defender themselves in a military situation. #2. Economic collapse. #3. Moral corruptness #4. Family disintegration and social implodes.
Never, EVER trust the bastards!
I’m hardly Ron Paul’s biggest fan but he’s been right about our financial crisis all along.
EARTH TO FREEPERS>>>Our guys are letting us down. This go along get along crap has got to stop. Maybe Shelby can do something but I doubt it.
So far, with us on the verge on financial collapse, at least according to the guys trying to get their clams pulled out of the fire.
“Im hardly Ron Pauls biggest fan but hes been right about our financial crisis all along.”
Except for his most favored trade nation votes for China.
More proof that we don’t need no stinking bailouts!
Russia has a flat income tax. China appears to be expanding individuals rights to own property.
And then there is the US Congress and Bush administration....
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