CHINA / National |
AMCs to welcome investorsBy Zhang Ran (China Daily)Updated: 2007-01-22 07:16
China's Big Four policy-directed asset management companies are expected to welcome strategic investors in a shareholding reform that will transform them from wholly State-owned institutions to commercialized companies. The move is expected to help asset management companies (AMCs) improve their corporate governance and make them more responsive to market conditions. As commercialized companies, the AMCs are expected to expand beyond their traditional role of cleaning up non-performing loans by offering services like investment banking and securities brokering. "Once the transitional period ends, the AMCs will reform their share-holding structures by introducing strategic investors to make sure that the companies operate according to market principles. The share restructure will help the AMCs improve their corporate governance," an official close to the China Banking Regulatory Commission said. The four AMCs - China Cinda, China Orient, China Huarong and China Great Wall - were established in 1999 to dispose of NPLs at the four State-owned commercial banks.
(China Daily 01/22/2007 page3) |
|