September 1, 2014 / 9:10 AM / in 3 years

China's CCB says not considering hybrid ownership now

HONG KONG, Sept 1 (Reuters) - China Construction Bank Corp (CCB) has no plans now to implement a hybrid ownership scheme, Chairman Wang Hongzhang said on Monday.

Wang was referring to a new scheme to be piloted by Bank of Communications which will see the Shanghai-based lender bring in more private investment.

CCB would also implement any government request to reduce supervisors’ pay at state-owned companies, Wang told reporters in Beijing.

On Friday, CCB reported slowing profit growth and an increase in bad loans in the second quarter, joining its peers that were also impacted by the slowing economy.

China’s biggest banks are turning their back on mainstay borrowers like manufacturers and courting high growth industries such as healthcare, food and IT in a bid to boost revenue. (Reporting by Lawrence White; Editing by Miral Fahmy)

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