China Construction Bank Cuts Fannie, Freddie Bond, MBS Hldgs
Aug 26, 2008 Market Outlook, U.S Hot Stocks
China Construction Bank Cuts Fannie, Freddie Bond, MBS Hldgs
Last Update: 8/25/2008 5:52:47 AM
BEIJING (Dow Jones)–China Construction Bank Corp. (0939.HK) said Monday it had
cut its holdings of bonds and mortgage-backed securities related to Fannie Mae
(FNM) and Freddie Mac (FRE) to just above US$2 billion by the end of July from
US$3.2 billion at the end of June.
CCB President Zhang Jianguo told reporters the bank’s holdings of securities
linked to the mortgage-finance giants haven’t had a big impact on the bank’s
asset quality or profitability, adding the bonds issued by the two companies are
“relatively safe investments.”
Separately, CCB Chairman Guo Shuqing said in Hong Kong he hasn’t heard of talk
that Bank of America Corp. (BAC) will sell its shares in the Chinese lender.
However, Guo said he isn’t worried if Bank of America does sell its shares in
CCB, because there are other financial institutions interested in taking up a
stake.
Bank of America has a 10.75% stake in CCB, while Temasek Holdings Pte. Ltd. owns
5.7%.
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Tags: 0939, Asset Quality, Bank Of America, Bank Of America Corp, Beijing China, Ccb, China Construction Bank, Dow Jones, Fannie Freddie, Fannie Mae, Finance Giants, Financial Institutions, Fnm, Freddie Mac, Holdings Pte Ltd, Mbs, Mortgage Backed Securities, Mortgage Finance, Stake Bank, Temasek Holdings Pte Ltd
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