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2007-12-3 10:55:00 a.m. HKT, XFNA
STOCK ALERT - China Construction Bank higher in HK on news of Sydney office
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HONG KONG (XFN-ASIA) - China Construction Bank (CCB) was higher in Hong
Kong following an official Xinhua news agency report that it has opened a
representative office in Sydney.
Dealers said investors regard the move as positive as it marks a
continuation of its push to expand further its operations outside mainland
China.
The stock was up 0.02 hkd or 0.27 pct at 7.50.
CCB, one of China's five major commercial banks, won approval from
regulators in China and Australia in June to open the representative office.
CCB president Zhang Jianguo said earlier that the bank plans to upgrade
the office to a branch as soon as possible.
Zhang added that CCB also plans to open a unit in London and has filed an
application with Vietnam regulators to open a branch in Ho Chi Minh City.
CCB currently has branches in Hong Kong, Singapore, Frankfurt,
Johannesburg, Tokyo and Seoul, as well as representative offices in London
and New York, Xinhua said.
(1 usd = 7.8 hkd)
jun.concepcion@xfn.com
jc/kmq xfnjcc/xfnkm
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