Bank of China books $1.3 billion subprime allowance http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSHKF07902020080325
Tue Mar 25, 2008
HONG KONG (Reuters) - Bank of China (3988.HK: Quote, Profile, Research), the country's flagship foreign exchange lender, posted a 31 percent rise in 2007 profit amid a booming mainland economy, but it booked a $1.3 billion allowance to cover potential losses on its U.S. subprime-related securities. The state-run lender said it held about US$4.99 billion worth of subprime-related asset-backed securities (ABS) at the end of 2007. http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSHKF07902020080325