China’s CITIC Bank looks to sell $2.8b of Asian loan portfolio

Photo: Reuters

China CITIC Bank International, the offshore banking arm of conglomerate CITIC Group, is selling $2.8 billion of its Asian loan portfolio including financing it extended to ChemChina, Fosun International and China Evergrande Group, Thomson Reuters Basis Point reported on Wednesday.

The loan sale – representing about seven percent of the bank’s $39 billion offshore assets – comes as Chinese regulators move to reduce leverage and control potential systemic risk, including problems posed by domestic companies acquiring overseas assets.

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