Feb. 19 Bloomberg reported the Bank of China shares:
Bank of China Ltd. rose the most in almost a month in Hong Kong trading after Reuters reported the lender has set aside enough money to cover its investments in securities tied to U.S. subprime mortgages.
Bank of China jumped 7.5 percent to HK$3.29 at 11:19 a.m. local time. The company expects ``marked'' profit growth for this year and is considering buying an insurance company, Reuters also said late yesterday, citing Chairman Xiao Gang. Spokesman Wang Zhaowen confirmed Xiao's comments.
The bank may have to write down the value of overseas securities by 35 billion yuan ($4.9 billion), analysts at BNP Paribas SA have estimated. That would amount to three-quarters of profit in the nine months to Sept. 30, 2007.
Bank of China has fallen 33 percent in Hong Kong since Oct. 30, when it reported profit growth that trailed competitors because of losses on its $7.95 billion of subprime-related investments.
Bank of China jumped 7.5 percent to HK$3.29 at 11:19 a.m. local time. The company expects ``marked'' profit growth for this year and is considering buying an insurance company, Reuters also said late yesterday, citing Chairman Xiao Gang. Spokesman Wang Zhaowen confirmed Xiao's comments.
The bank may have to write down the value of overseas securities by 35 billion yuan ($4.9 billion), analysts at BNP Paribas SA have estimated. That would amount to three-quarters of profit in the nine months to Sept. 30, 2007.
Bank of China has fallen 33 percent in Hong Kong since Oct. 30, when it reported profit growth that trailed competitors because of losses on its $7.95 billion of subprime-related investments.
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