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The Royal Bank of Scotland PLC said Wednesday it has sold its 1.6 billion pound ($2.3 billion) stake in the Bank of China, a move analysts say is meant to shore up its balance sheet.
Shares in Bank of China rose Wednesday after Royal Bank of Scotland sold its entire stake in the mainland's No. 3 lender for $2.37 billion, joining a recent string of investors who have cut their holdings in Chinese banks.
UBS AG said Wednesday it has sold its stake in Bank of China in a deal estimated to be worth around $900 million.
Bank of China said Friday it has received regulatory approval to offer banking services in Switzerland.
Bank of China, one of China's biggest state-owned commercial lenders, said Wednesday that its net profit rose 11.5 percent in the July-September quarter, as trading gains and interest income helped offset weakness in other areas.
Chinese lender Bank of China has reported its net profit rose 31 percent in 2007 despite nearly $5 billion in exposure to the U.S. mortgage lending crisis.
Beijing Sets Stage to Tighten "BEIJING -- China's central bank said it expects the domestic economy to grow more than 11% this year and the inflation rate to be about 4.5%, signaling its main task for the rest of 2007 will be preventing the economy from overheating.
China: no further one-off revaluation as yuan hits record highA central bank spokesman has reiterated China's currency, the yuan, will not have another one-off revaluation as U.S. Commerce Secretary Carlos Gutierrez is in Beijing for talks with Chinese officials on currency and other economic issues.
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