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Seven listed banks report $721m in Lehman exposure

(Xinhua)
Updated: 2008-09-23 11:18

Seven Chinese listed banks have announced bond holdings of $721 million in the bankrupt US investment bank Lehman Brothers as of Monday, according to Securities Daily.

The individual exposures included $191.4 million at China Construction Bank (CCB), $151.8 million at the Industrial and Commercial Bank of China (ICBC), $128.8 million at the Bank of China (BOC), $76 million at the CITIC Bank, $70 million at the China Merchants Bank, $70.02 million at the Bank of Communications and $33.6 million at the Industrial Bank.

CCB, with the largest exposure, said earlier it would closely monitor developments, prudently assess potential losses, make sufficient provision for impairment losses and protect the bank's legal rights.

The Lehman Brothers bankruptcy would not have a significant impact on CCB's financial situation, the bank said.

ICBC also said it was considering making provisions for its Lehnman exposure.