China investment bank revenues hits high
Investment banking revenues climbed to a high point of $1.3 billion in 2006 from Chinese merger advisory and stock and bond underwriting, according to published reports.
Investment banking revenues climbed to a high point of $1.3 billion in 2006 from Chinese merger advisory and stock and bond underwriting, according to published reports.
Revenues were up 67% from 2005 according to data released by Dealogic.
The top earners were Zurich-based UBS AG with $147 million, Beijing-based China International Capital Corp. with $128 million, New York-based Goldman Sachs Group Inc. with $127 million, Zurich-based Credit Suisse Group with $112 million, and New York-based Merrill Lynch & Co. with $98 million, the report said.
Mergers-and-acquisitions advisory revenue also reached a record at $167 million, led by Goldman Sachs’ $2.6 billion investment in Industrial and Commercial Bank of China Ltd., headquartered in Beijing, reported Reuters.
But the country’s still protectionist policies regarding investments led others to cut their activity.
Carlyle Group, based in Washington, decreased its investment in Xugong Group Construction Machinery Co. of Xuzhou, China to 50% from 85%.
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