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ICBC may take over Huarong Asset(Reuters)Updated: 2007-06-18 13:54 The Industrial and Commercial Bank of China (ICBC) may take over Huarong Asset Management Corp as part of efforts to form a financial conglomerate, the China Securities Journal reported on Monday. The official newspaper, citing an unidentified source, said the bank may take a controlling stake or purchase Huarong outright.
Jiang Jianqing, the chairman of ICBC, said at the shareholder meeting that the bank plans to diversify into financial leasing, trust investment, asset management and insurance. The bank's president, Yang Kaisheng, was the president of Huarong from 1999 to 2004. (For more biz stories, please visit Industry Updates) |