Agricultural Bank of China sets up investment banking operations

0 Comments | AFP, December, 2007

SHANGHAI (AFP) — Agricultural Bank of China, the weakest of the country's big four commercial banks, has set up an investment banking department, state media reported Tuesday.

"Investment banking operations will help the bank explore new development opportunities in the high-end market," Shanghai Securities News reported, citing Xiang Junbo, the lender's chairman.

All of the other three major state banks -- Industrial and Commercial Bank of China, China Construction Bank and Bank of China have investment banking operations.

China has yet to announce a detailed framework to overhaul the debt-ridden bank, which posted a nonperforming loan ratio of 23.44 percent at the end of 2006.

But state media has reported the bank is likely to receive bail-out...