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Exposure to Lehman Brothers of Chinese Banks Reaching $331 Million

Industrial and Commercial Bank of China (ICBC) and Bank of China have total exposure to failed U.S. investment bank Lehman Brothers of $151.8 million and $75.62 million respectively, the official Xinhua news agency said on September 17, 2008.  Exposure of both banks accounts for 0.01 percent of their respective total assets.  The exposure consists of Lehman-related bonds and loans, said Xinhua.

Sources in Shanghai indicate the exposure of other major banks.  Industrial Bank has exposure of $33.60 million and China Merchant Bank has exposure of $70 million. Construction Bank is still in the process of assessing possible losses and no figures have been released.  Communications Bank has limited exposure, according to sources from the bank.

Source: Xinhua, September 17 and 18, 2008