ICBC¡¦s non-performing loans ratio likely to be higher than 30%

The Industrial and Commercial Bank of China's non-performing loans ratio is likely to be higher than 30 pct, said Jiang Jianqing, the bank's president. Jiang also said ICBC is in talks with US and European investment banks to set up a Hong Kong joint-venture to open an investment bank on the Chinese mainland. The Bank of China recently announced that its non-performing loans ratio was 28.8 pct but Jiang indicated that ICBC's ratio is likely to be over 30%, the paper said. He said the bank would make a formal announcement about the figure at the end of the year.

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