Industrial & Commercial Bank of China and Bank of China, preparing to become public companies, are among lenders criticized by the country's banking regulator for being lax in extending risky loans to property companies.
"Some commercial banks were found to be weak in risk- consciousness and directly extended loans to companies which have insufficient capital,'' the China Banking Regulatory Commission said in a document submitted to the country's banks and given to Bloomberg News yesterday.
China's biggest state-owned banks have been seeking international expertise as they try to reduce bad loans and improve governance in preparation for overseas share sales this year. Industrial Bank, Bank of China and China Construction Bank have received a combined $60 billion in bailouts since 2003.
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