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China Minsheng Bank recognises $120 mln US bank loss

Mon Nov 9, 2009 7:29pm EST

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SHANGHAI, Nov 10 (Reuters) - China Minsheng Banking Corp (600016.SS), which plans to raise up to $4 billion selling shares publicly in Hong Kong, said on Tuesday that it recognised 824 million yuan ($120 million) of losses for its investment in failed U.S. lender UCBH Holdings Inc UCBH.O.

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UCBH unit United Commercial Bank was closed by U.S. regulators last Friday and its banking operations were acquired by East West Bancorp Inc [ID:nN06212635]

"Since we have already made relatively adequate loss provisions for UCBH, we think that the closure of United Commercial Bank won't have a huge impact on our operations or profits." (US$1=6.832 Yuan)

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