Bank of China Int'l eyes MF Global assets
- By Yang Xi
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China.org.cn, November 8, 2011
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MF Global filed for bankruptcy protection in early November within a week of Moody's Investors Service cutting the New York-based company's credit ratings. [File Photo] |
BOC International (China) Ltd. (BOCI), a wholly-owned subsidiary of Bank of China Ltd., is in talks to buy assets from the bankrupt MF Global Holdings Ltd., China's Securities Times reported, citing an insider.
BOCI's spokesman has denied the buyout.
It is unlikely BOCI could take on the entire company with assets of US$41.05 billion, as well as debt of $39.68 billion, even though it is possible for the Chinese investor to buy MF Global's businesses in London or Hong Kong, analysts said.
Bank of China, one of China's four state-owned banks, is forming a commodity trading company in the UK that will seek Category 2 membership of the London Metal Exchange. Approval is not expected until 2012.
MF Global filed for bankruptcy protection in early November within a week of Moody's Investors Service cutting the New York-based company's credit ratings.
China's business press carried the story above on Tuesday.
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