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