Thursday, March 5, 2015   

Citic Securities chief fined for blasting ICBC: report
(05-14 13:38)

A Chinese brokerage has fined its chairman two months pay -- nearly one million yuan -- after he publicly blasted the nation's largest bank ICBC over its profits, state media reported Wednesday.
The penalty will be levied on Citic Securities' Wang Dongming, the 21st Century Business Herald newspaper said, basing its estimate on Wang's 2013 salary of 5.83 million yuan.
China's "Big Four'' banks, which include ICBC, have long been criticized for high charges, poor service and their reluctance to lend to private firms.
Speaking at a forum in Beijing on Saturday, Wang referred to a conversation he had with Yang Kaisheng, former president of the Industrial and Commercial Bank of China (ICBC).
He said: "I told ICBC's governor Yang the other day that if ICBC reports between 200 billion yuan and 300 billion yuan of annual post-tax profits, you'll be condemned by people across the country.
"How can a services institution make so much money and to whom did the money go?'' he said, according to a transcript posted online.
ICBC in March reported a net profit of 262.97 billion yuan for 2013.
The penalty was revealed in an internal memo by Citic Securities, China's largest brokerage by market value, which said state media had misinterpreted Wang's remarks, souring the firm's relationship with ICBC and hurting the giant bank's image.
"The disclosure of this incident is a warning that everyone should exercise caution when making comments publicly and do no harm to the interests and feelings of our clients,'' Citic Securities said in the memo, which was quoted by state media.
Wang's remarks allegedly prompted ICBC to drop the brokerage as its underwriter for a planned sale of preferred shares, according to the reports. --AFP
Other Business breaking news:
Bank of England faces unprecedented criminal investigation (2 hrs 18 mins ago)
Bank of England holds fire on rates (2 hrs 23 mins ago)
Euro touches 11-year lows (2 hrs 40 mins ago)
Apple leaves Samsung behind in China for 25pc market share (2 hrs 57 mins ago)
(Geneva Auto Show) BMW 2-Series Gran Tourer: blinged-out compact (03-05 18:51)
(Geneva Auto Show) Mercedes-Maybach S-600 Pullman: champagne ride (03-05 18:47)
(Geneva Auto Show) Audi R8: muscular supercar (03-05 18:43)
(Geneva Auto Show) Lamborghini SV: 750 horsepower (03-05 18:40)
(Geneva Auto Show) Ferrari 488 GTB: turbo-charged sprinter (03-05 18:29)
(Geneva Auto Show) Seductive fast cars parade (03-05 18:23)

More breaking news >>

© 2015 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2015, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.