China CITIC Bank denies bid for US' Bear Stearns
China CITIC Bank said it is not in any talks to buy into troubled US investment bank Bear Stearns and currently has no plan for such a stake purchase.
By Agencies |
SHANGHAI: China CITIC Bank said on Thursday it is not in any talks to buy into troubled US investment bank Bear Stearns and currently has no plan for such a stake purchase.
"So far, the company has not held any talks with Bear Stearns or any other related party on a stake purchase, nor does it have any intention or made any agreement," it said in a statement with the Shanghai Stock Exchange.
"So far, the company does not have any plan to buy a stake in Bear Stearns and the company promises it will not plan for such an event within at least the next three months," the bank added.
On Tuesday Jiang Dingzhi, vice chairman of the China Banking Regulatory Commission, said that "CITIC Bank is considering a bid for Bear Stearns", while a CITIC bank spokesman told reporters he was unaware of the matter.
Bear Stearns, founded in 1923, said earlier this month it was merging two mortgage subsidiaries and eliminating 310 jobs to better deal with market conditions related to the ailing US housing sector.
It has been a major victim of the subprime crisis, which has seen Americans with patchy credit histories default on mortgage loans leading to a rising tide of home foreclosures as prices slump.
CITIC Bank is China's seventh-largest lender by assets and a subsidiary of China International Trust and Investment Corp., an investment company controlled by the government.
"So far, the company has not held any talks with Bear Stearns or any other related party on a stake purchase, nor does it have any intention or made any agreement," it said in a statement with the Shanghai Stock Exchange.
"So far, the company does not have any plan to buy a stake in Bear Stearns and the company promises it will not plan for such an event within at least the next three months," the bank added.
On Tuesday Jiang Dingzhi, vice chairman of the China Banking Regulatory Commission, said that "CITIC Bank is considering a bid for Bear Stearns", while a CITIC bank spokesman told reporters he was unaware of the matter.
Bear Stearns, founded in 1923, said earlier this month it was merging two mortgage subsidiaries and eliminating 310 jobs to better deal with market conditions related to the ailing US housing sector.
It has been a major victim of the subprime crisis, which has seen Americans with patchy credit histories default on mortgage loans leading to a rising tide of home foreclosures as prices slump.
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CITIC Bank is China's seventh-largest lender by assets and a subsidiary of China International Trust and Investment Corp., an investment company controlled by the government.
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