In a statement, BoC Hong Kong said the subordinated credit facility from its parent, Bank of China, would “strengthen BoCHK's capital base, providing BoCHK with greater operating flexibility . . . to weather the economic uncertainties arising from the global financial turmoil”.
The bank's board also cautioned that it expects 2008 profit “to decrease considerably” from last year, citing “the negative impact of the global economic slowdown and increased volatility in major financial markets”.
The surprise announcement marks the second time in the past month that China has rushed to the aid of one of its Hong Kong corporate flagships.
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