Chinese Banks Involved in Investigation on North Korea Sanctions, We Retain our FVEs at this Stage
On Tuesday, the media reported that Shanghai Pudong Development Bank, along with China Merchants Bank, or CMB, and Bank of Communications, or BOCOM, were found in contempt for refusing to comply with subpoenas in a North Korea sanctions violation investigation conducted by a U.S. judge. The H-Shares of CMB and BOCOM declined by 7.7% and 3.7%, respectively, though both companies officially denied involvement in any investigations related to possible violations of sanctions, and are in compliance ...Bank of Communications is engaged in the provision of banking and related financial services. Co. organizes its business into four segments: retail banking, corporate banking, treasury and others. Corporate banking comprises corporate loans, bills, trade finance, corporate deposits and remittance. Retail banking comprises retail loans, retail deposits, credit card and remittance. Treasury comprises money market placements and takings, investment in securities, and securities sold subject to linked repurchase agreements. Co. has 113 domestic branches and 2,648 outlets in the People's Republic of China, 9 overseas institutions and 2 representative office in London and Sydney.
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