CCB to establish first yuan-denominated fund

CCB aims to jack up more revenues coming from sources apart from lending by raising $380 million in its first yuan-denominated private equity fund. According to a report in Ethiopian Review, CCB, through its Hong Kong unit CCB International (Holdings) Ltd, is raising over $146 million from China's wealthy individuals, after securing approximately $234 million from institutions for its CCBI Healthcare Fund, which targets healthcare firms ahead of their listings, a sales document seen by Reuters showed.

CCB and other Chinese lenders are stepping up efforts to generate more revenue from businesses other than lending as interest margins fall and the government starts to tighten credit.

"It's an irreversible trend for banks to offer various types of wealth management products to clients," said Jin Lin, analyst at Orient Securities Co. "Through this innovative product, Construction Bank can charge fund management fees and increase its commission income."

In the first six months, CCB's investment banking revenue surged 66 percent and its commission and fee-based incomes rose 16.1 percent, partly offsetting a 7.75 percent decline in interest incomes.

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