US regulators accused of hindering CCB expansion
18 October 2007
Guo Shuqing, chairman of China Construction Bank (CCB), accused US regulators of prejudice against mainland companies for thwarting the expansion of CCB in America, the South China Morning Post reported. Speaking on the sidelines of the Communist Party Congress on Wednesday, Guo said that the US government's negative attitude towards Chinese banks was "abnormal and unfair" given the steps Beijing has taken to open up its domestic banking market to foreign competition. He did not give any details on exactly what plans had been frustrated, but said that CCB's cooperation with its strategic investor, Bank of America, did not preclude it from expanding in America. He denied speculation that CCB was making a move for troubled investment bank Bear Stearns. China CITIC Bank has said it will seek to buy a stake in the US lender, which has suffered in the subprime mortgage crisis.