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."
GREAT! Just great.
Bush is such an unbelievable disappointment.
4 months and he’s outta there.
Well - one out of four ain’t bad! :(
Well, if our banks are going to be sold... I’d rather a rich Chinese bank buy it than an oil-funded Islamo-terror one.
:-(
“And I would do the same thing in their position “
The important thing is what would you do if you were in OUR position. Our so-called leaders let us down. They run the govt. like the key stone cops.
COMMUNIST China is our enemy, and our dim-witted “leaders” got us into this mess.
“Duncan Hunter is right, and we would do well to listen to those few true patriots who sound the alarm.”
Yep, Duncan Hunter is the best, and knew something like this was coming.
Duncan Hunter quote: “Ominously, China is cheating on trade and using billions of American trade dollars to build ships, planes and missiles at an alarming rate while, at the same time, taking millions of American jobs. I will reverse this “one-way street” with a new policy of fair trade for the American worker.”
I see the choices as repudiating our debt/the dollar, and letting them obtain value for their dollars. The latter approach did not work poorly with the Japanese, but then the enterprises were not all owned by the Japanese government.
Our so-called leaders let us down. They run the govt. like the key stone cops.
And yet we keep re-electing them.
I seem to recall a man named Duncan Hunter who sounded the alarm on China often. One of the major differences between Hunter and Paul is Hunter’s banner, “Peace Through Strength”.
Read my tag line!
>They do this, they’ll own part of the country.<<
They already do. What do you think the collateral for past loans is?
Very appropriate cartoon, but the scarry part is that it could be true.
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