China is moving into retail banking in the US.
My wishful thinking: It might be a good way to get into US
investments such as old style mortages where the loan is secured one
on one by real and clean titles to the property. No bundling. The
mainstream banks have so screwed up their subprime ****tfolio that they
won't be into residential and small commercial mortages until that
part of their business is cleared up first. This leaves a wide open
market for UCBH to make old style secured loans as the demand for
mortages is still there. Its a no brainer.
China Minsheng gets green light to buy into UCBH
+ - 11:26, March 02, 2008
http://english.people.com.cn/90001/90776/90884/6364300.html
China Minsheng Banking Corp. announced on Saturday that the China
Banking Regulatory Commission had approved its proposal to buy 4.9
percent of the U.S.-based UCBH Holdings.
The deal involved 95 million U.S. dollars and the mid-sized bank had
completed the remittance approval procedure in the State
Administration of Foreign Exchange, it said in a statement.
China Minsheng announced in October last year that by June next year
it would take up to a 20-percent stake in UCBH, the holding company of
the U.S.-based United Commercial Bank, which primarily serves Chinese
communities and American companies doing business in China.
The deal marks the first strategic investment in a banking institution
in the United States by a Chinese mainland bank, said a statement from
UCBH Holdings.
The purchase is expected to help China Minsheng improve its asset
management and develop a full range of financial services.
Shares of China Minsheng closed 1.41 percent higher at 13.71 yuan on
Friday in Shanghai.
Source:Xinhua
