china construct-unspon adr (CICHY) Key Developments
China Construction Bank Corporation Announces Election of Directors
May 15 15
China Construction Bank Corporation approved the election of Li Jun and Hao Aiqun as non-executive directors at the Annual General Meeting on 15 May 2015.
China Construction Bank Corporation Approves Amendments to Articles of Association
May 15 15
China Construction Bank Corporation announced that at its AGM held on May 15, 2015, the shareholders approved amendments to the company's articles of association.
HSBC Holdings Reportedly Mulls Sale of Brazilian Unit
May 12 15
HSBC Holdings plc (LSE:HSBA) reportedly will probably select a preferred bidder for its unprofitable Brazilian unit as early as mid-June in a sale that may raise about $4 billion, said two people with knowledge of the plan. Banks interested in the operation include Brazil’s Banco Bradesco S.A. (BOVESPA:BBDC4) and BTG Pactual Group, Spain’s Banco Santander (Brasil) S.A. (BOVESPA:SANB4)and The Bank of Nova Scotia (TSX:BNS) from Canada, said the people, who asked not to be identified because the details are private. Industrial and Commercial Bank of China Limited (SEHK:1398) and China Construction Bank Corporation (SEHK:939) are also assessing the deal, one person said. “We have the obligation to look at it, because it is a very important transaction for the Brazilian financial system, but honestly, we are very happy with the platform we have,” said Joao Dantas, head of investor relations for Banco BTG Pactual. “We have about 3,500 employees and HSBC has more than 20,000 workers and the retail business is not our priority,” said Joao Dantas. Goldman Sachs Group Inc. is managing the sale, the people said. Officials at HSBC, Goldman Sachs, Santander, Bank of Nova Scotia, Bradesco and ICBC declined to comment.
China Construction Bank Corporation Announces Unaudited Consolidated Earnings Results for First Quarter Ended March 31, 2015; Reports Impairment Losses for the First Quarter Ended March 31, 2015
Apr 29 15
China Construction Bank Corporation announced unaudited consolidated earnings results for first quarter ended March 31, 2015. For the quarter, the company reported interest income of RMB 190,156 million, net interest income of RMB 111,300 million, operating loss of RMB 42,134 million, profit before tax of RMB 87,152 million, net profit of RMB 67,129 million or RMB 0.27 per basic and diluted share, net cash from operating activities of RMB 270,093 million, purchase of fixed assets and other long-term assets of RMB 2,074 million compared to the interest income of RMB 172,356 million, net interest income of RMB 103,207 million, operating loss of RMB 50,634 million, profit before tax of RMB 85,767 million, net profit of RMB 65,922 million or RMB 0.26 per basic and diluted share, net cash from operating activities of RMB 256,705 million, purchase of fixed assets and other long-term assets of RMB 2,717 million for the same quarter a year ago. Annualized return on average assets was 1.57%, and annualized return on average equity was 21.03%.
For the first quarter of 2015, the company reported impairment losses of RMB 20,005 million compared to the RMB 11,557 million for the same quarter year ago.
China Construction Bank Corporation Approves Board and Officer Changes
Apr 29 15
The meeting of the board of directors of China Construction Bank Corporation held on 29 April 2015, resolved that Mr. Zeng Jianhua be appointed to serve as the senior officer outside Australia of Sydney Branch, who will be responsible to monitor and manage the Sydney Branch on behalf of the head office of the Bank. It was resolved that Mr. Zhang Gengsheng be nominated as an executive director of the Bank and, additionally be appointed as a member of each of the Strategy Development Committee and Social Responsibility and Related Party Transactions Committee. The term of office will be three years and to be ended on the date of the 2017 Shareholders' Annual General Meeting of the Bank. Mr. Zhang has served as executive vice president of the Bank since April 2013. Pursuant to the relevant laws, regulations and the Articles of Association, to ensure the appropriate composition of the Board, it was agreed that Ms. Elaine La Roche will continue to serve as an independent non-executive director of the Bank, and will continue to serve as a member of each of the Strategy Development Committee, Audit Committee and Nomination and Remuneration Committee of the Bank during her term of office. The term of office will end on 31 December 2015. Ms. Elaine La Roche has served as director of the Bank since September 2012. She currently serves as the Senior Advisor of the China International Capital Corporation Limited (US).