Chinese Bank, ROK Firm Join Efforts to Handle Non-performing Loans

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Last updated at: (Beijing Time) Tuesday, July 09, 2002

Chinese Bank, ROK Firm Join Efforts to Handle Non-performing Loans

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The China Construction Bank (CCB) and Republic of Korea (ROK) Asset Management Corporation (KAMC) signed an agreement in Beijing Tuesday to cooperate on handling non-performing loans (NPLs) and personnel training.

This is the CCB's first business cooperation with a foreign asset management organization, a CCB spokesman said. Under the agreement, the two sides would cooperate and coordinate on information exchange, personnel training and asset management.

Founded in 1997, KAMC is ROK's only permanent state-level financial institution specializing in purchasing and handling NPLsfrom banks. By the end of May in 2001, it had signed agreements with 10 asset handling institutions in seven countries to provide personnel training and business consulting services.

Moreover, the CCB spokesman said, thanks to unswerving efforts over the past few years, the CCB's asset quality had largely improved. This year the bank had put top priority on NPLs.

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