Chinese banks shrug off subprime, ICBC ramps up credit risk processes
ICBC and Bank of China results assuage some subprime fears
Industrial and Commercial Bank of China (ICBC) reported only minimal exposure to subprime-related bonds, Yang Kaisheng, vice-chairman and president of the bank told a press conference in Beijing and Hong Kong on March 25.
"We are holding $1.23 billion in subprime-related bonds, which amounts to just 0.1% of our assets," said Yang, adding that he was not concerned about further writedowns in the value of these assets. The bank has $505 million in collateralised debt obligations (CDOs), he said
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