Chinese banks shrug off subprime, ICBC ramps up credit risk processes



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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