Bank of China latest to be hit by Sub-prime losses
Monday January 21, 2008
The South China Morning Post reports that the Bank Of China could be posting red figures in its balance sheet after bank sources confirmed the significant write down of US sub-prime mortgage investments.
Reports suggest the Bank of China was exposed to almost USD$8 billion worth of Sub-prime securities. Two other state banks, the Industrial and Commercial Bank of China and the China Construction Bank will also be making provisions for billion dollar losses.
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