House of the Year, China


China Merchants Bank

China Merchants Bank (CMB) has stood out for its risk management capabilities for several years. When it made a $23 million investment in collateralised debt obligations (CDOs) back in 2004, for example, it structured the trade in a way to suit its requirements and closely monitored the underlying positions. When it felt the US housing market had peaked during the second half of 2005, the bank exited its investment in 2006, making a $7.28 million return in the process.

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