Business Services Industry
CHINA: MOODY'S AFFIRMS HONG LEONG BANK ON CHENGDU BANK INVESTMENT.
IPR Strategic Business Information Database, October, 2007
Moody's Investors Service has affirmed Hong Leong Bank Berhad's ratings following its announcement that it has entered into a share subscription agreement with Chengdu City Commercial Bank Co. Ltd. The ratings affected are its global local currency long- and short-term deposit ratings of A2/Prime-1; foreign currency long- and short-term deposit ratings of A3/Prime-1; foreign currency subordinated debt rating of A3, and its bank financial strength rating (BFSR) of C-.
The outlook for all ratings is stable. According to the agreement, Hong Leong Bank will subscribe for new shares representing a 19.99% equity interest in the enlarged capital of Chengdu City Commercial Bank for RMB1.95 billion or RM877.5 million. "The proposed investment will allow Hong Leong Bank to...
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