Word: boc
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...merger or antitrust case based on its impact on our jurisdiction and not on the nationality of the companies. This is exactly what the U.S. antitrust agencies do. There was a case last year where the merger between two E.U. companies [France's Air Liquide and Britain's BOC Group] was approved here and blocked...
...Part of his game needed improvement, apparently. Last week, Beijing sacked Wang from his job as president of the China Construction Bank amid investigations into lending abuses during his tenure at the Bank of China (BOC). Although not yet charged with any crime, Wang allegedly oversaw millions of dollars in questionable loans made in China and abroad, according to Dai Xianglong, governor of the People's Bank of China, the country's central bank. Meanwhile, the U.S. Treasury Department reportedly is conducting an investigation into suspected wrongdoing at the BOC's New York City-based U.S. headquarters while Wang...
...track record as one of the driving forces behind modernization, and because of his ties to high-ranking government officials. Wang's talent for mingling made him one of the commissars' most valued emissaries to the West. In 1993, Premier Zhu Rongji handpicked him to head the state-owned BOC?a job he kept for seven years?and in 1997 he was named as an alternate member of the Communist Party's Central Committee...
...Audit Office revealed last week that it has uncovered more than 170 cases of misconduct, implicating 221 officials, as part of a wide-ranging investigation into China's financial industry. Among them were 22 cases of lending irregularities and other questionable transactions involving more than $323 million at the BOC while Wang was at the helm...
...virtually all of China's bankers have skeletons in their closets. Observers argue that wholesale replacement is impossible because of the nation's dearth of experienced, upright managers. "There's no question reform is happening," says Pu Yonghao, senior economist at Nomura International in Hong Kong and a former BOC employee. "But the banks are only mimicking modern, Western practices. Inside, the Chinese personnel just don't have what it takes to make changes quickly enough...