Chinese Bank Chief Urges Push Overseas

Crisis provides opportunity, the old Chinese saying goes, and the Bank of China's chairman sees economic opportunities as banks of other nations struggle to recover. His comments could signal an end to a government ban on offshore mergers and acquisitions by Chinese financial groups, notes Jamil Anderlini for the Financial Times. The informal ban has been in place since 2007 as recognition of the sub-prime mortgage and lending crisis emerged. Some Chinese banks, along with millions of consumers around the globe, lost money in the debt crisis. With lots of cash generated by profits, Chinese banks have little choice but to expand beyond their borders. Anderlini reports that the Chinese government has advised the big banks to avoid sensitive investments in the West and instead keep a regional focus, expanding in fast-growing ASEAN nations. – YaleGlobal