ICBC Stops Distributing Trust Products, Securities Daily Reports
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Industrial & Commercial Bank of China Ltd., the nation’s largest lender by assets, is among banks that have stopped distributing trust products as the risk of defaults mount, the Securities Daily reported today.
China Construction Bank Corp. also ceased marketing the high-yield investment products that have been used to raise funds for companies that don’t have access to cheaper financing such as bank loans, the newspaper reported today, citing unidentified employees of the banks.