Article: Scots Beat Yanks In China Bank Deal
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Scots Beat Yanks In China Bank Deal
With visions of an ATM in every neighborhood in China, foreign banks and investment firms are queuing up to join the ?China Club.?
Moneybags Communism
The initiation fee for the ?China Club? is straightforward and pure moneybags communism: invest cold hard cash in its largely insolvent state-owned banks, put your reputation on the line, reassure nervous foreign investors about upcoming IPO?s, and share your risk management, corporate banking and other expertise with eager Chinese executives. The benefits of membership in the China Club are alluring but mostly maybes. Perhaps you will get some of your money back by underwriting an IPO or working in China with the bank in the areas of wealth management, credit cards or corporate banking.
But the t...
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