China Cinda Asset Management (CCAM), one of four financial asset management companies established in 1999 by the Chinese government to manage the non-performing assets of the China Construction Bank (CCB) and State Development Bank, and a Canadian bank are planning to jointly invest in a Chinese lender – reported Morningstar.
Beijing-based CCAM is reported to emerge as the the biggest shareholder in the Chinese bank once the China Banking Regulatory Commission approves the deal. An official from Cinda said the regulators are likely to approve the deal in around a fortnight, reported the newspaper.
Earlier, it has been reported that CCB is interested in acquiring a stake in CCAM, in a bid to foray into securities brokerage.
Besides Huarong Asset Management, Great Wall Asset Management and Orient Asset Management, CCAM is keen to acquire non-performing assets of China’s largest financial institutions and other businesses. CCAM’s services include debt collection and swapping, asset leasing, and acquiring, managing, and disposing of non-performing assets.
