July 2005
Sino sirens lure global banks on China odyssey
Like the mariners of ancient Greece lured to their deaths by the beguiling song of the Sirens, international banks increasingly appear mesmerized by the call to invest in China's state-owned banking system.
The latest international bank to answer the call is Bank of America, which announced it was parting with a total of $3 billion to purchase a 9% stake in China Construction Bank, China's second-largest lender.
At first blush, it is difficult to know what to make of this move. BoA wields considerable weight in the US but in Asia it is poorly represented. In fact, it has spent the last few years retreating from the region. In the press conference to announce the deal,...
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