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4-Traders Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Bank of China Ltd    601988   CNE000001N05

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Federal Reserve Approves Expansion Of Three Chinese Banks In US

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05/09/2012 | 08:46pm CET
   By Michael R. Crittenden 
   Of  

The Federal Reserve said Wednesday it approved the expansion of the U.S. operations of three of China's largest banks, including the first acquisition of a U.S. bank by a Chinese bank.

The Fed said it had approved applications from the Bank of China Ltd. and Agricultural Bank of China Ltd. to establish new branches. The central bank also approved an application by China's largest bank, Industrial and Commercial Bank of China Ltd., to become a bank holding company through its acquisition of The Bank of East Asia.

The five Fed board members voted unanimously in favor of each of the applications, which come from the first, third and fourth largest banks in China. All of the banks are at least 70% owned by the Chinese government and had at least $1.85 trillion in assets at the end of last year.

-By Michael R. Crittenden, of Dow Jones Newswires; michael.crittenden@dowjones.com; 202-862-9273

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Financials ( CNY)
Sales 2016 484 646 M
EBIT 2016 264 097 M
Net income 2016 166 588 M
Debt 2016 99 714 M
Yield 2016 4,60%
P/E ratio 2016 6,55
P/E ratio 2017 6,51
EV / Sales 2016 3,03x
EV / Sales 2017 2,92x
Capitalization 1 367 899 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 4,07  CNY
Spread / Average Target 10%
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NameTitle
Si Qing Chen Vice Chairman & President
Jun Li Chairman-Supervisory Board
Guo Li Tian Chairman
Qingsong Zhang GM-Accounting & Information & EVP
Wan Ming Liu Member-Supervisory Board
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