Word: asia
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Dates: during 2000-2009
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...worse shape, with a ratio of 40.5. They must either sell $9.7 trillion in assets or raise $485 billion in capital to bring leverage down to 20. The Royal Bank of Scotland (estimated leverage: 39.3) has already started slimming down. It recently put its retail and commercial businesses in Asia on the block. New CEO Stephen Hester has announced plans to create a subsidiary that will hold about $477 billion of the bank's assets that are earmarked for disposal...
...money to buy them? Nomura found that Asia's banks are significantly underleveraged, meaning they have plenty of muscle for acquisitions. China's leverage ratio is 15.8, Hong Kong's is 14.3, India's is 11.6, South Korea's is 16.7. Having gone through rehab after the 1997 Asian financial crisis, the region's financial institutions went into the current Great Recession with robust balance sheets that they can now leverage up by acquiring the assets that Western banks are shedding. China's banks are in a particularly sweet spot. Grown fat on years of sizzling GDP growth, Bank...
What Chinese banks are likely to do is to focus on Asia and other emerging markets, particularly in places where globalizing Chinese businesses are expanding. Industrial and Commercial Bank of China (ICBC) paid $5.6 billion in 2007 for 20% of Standard Bank, South Africa's largest lender, in part to serve Chinese-owned resources companies prospecting for oil, gold, copper and other metals in places like Angola, Congo, Liberia and Zambia. ICBC is now said to be interested in the Royal Bank of Scotland's Asian assets, along with Australia's ANZ Bank and Anglo-Asian lenders HSBC and Standard...
Other buying opportunities will arise as Western banks, particularly those that have been bailed out by their governments, exit the world stage in order to refocus on their home markets. When these institutions regain their strength and start venturing out again, however, they may well find Chinese and other Asia-Pacific banks ensconced and thriving in many parts of the global marketplace - and ready to challenge them on their home turf...
...trying to draw students in with different pedagogical techniques, including a greater use of technology. East Asian Studies professor Shigehisa Kuriyama ’77 put a three-minute course trailer online for his offering Culture and Belief 11: “Medicine and the Body in East Asia and Europe” and required students last fall to create an iMovie every week to respond to the readings. Kuriyama says that those assignments encouraged students to do all the readings and think about them thoughtfully—in contrast to the way students prepare readings for weekly sections...