Agbank to sell another batch of sour assets
Print Edition
The Agricultural Bank of China plans to sell another 10 billion yuan (US$1.6 billion) of non-performing assets on the Beijing Financial Assets Exchange.
The 26 non-performing assets of AgBank include 19 properties used for loan security and seven loan assets, the exchange, which held a promotional seminar for the pending sale, said in a statement yesterday on its website.
AgBank has previously sold 64 non-performing assets worth more than 10 billion yuan on the exchange during an 18-month period ended on June 30, 2013, according to the statement.
For the first six months of this year, the Beijing-based lender recorded the largest amount of bad loans and the highest non-performing loan ratio among China’s big five banks, according to the lenders’ first half financial results.
The big-five banks Ñ the Industrial and Commercial Bank of China, China Construction Bank, AgBank, the Bank of China and the Bank of Communications Ñ posted 22 billion yuan worth of bad loan write-offs in the first six months, representing 90 percent of total write-offs for the whole of 2012.
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