China's Shengjing Bank to sell certain assets for $24 billion (updated)

Shengjing Bank Co

27/09/2023 15:33

(Adds details on impariment charge in paragraph 3)
       Sept 27 (Reuters) - China's Shengjing Bank  2066.HK 
said on Wednesday it has agreed to sell a portfolio of assets,
including certain loans and investments, among others, for 176
billion yuan ($24.07 billion) to Liaoning Asset Management.
    Liaoning Asset will fund the purchase of assets by issuing 
special-purpose notes to the bank, the lender said. 
     The Shenyang-based bank expects an unaudited impairment
charge of about 7.7 billion yuan as a result of the disposal, it
said.  
    

($1 = 7.3105 Chinese yuan renminbi)

 (Reporting by Echha Jain in Bengaluru; Editing by Arun Koyyur)
 ((Echha.Jain@thomsonreuters.com;))