This MedLibrary.org supplementary page on CITIC is provided directly from the open source Wikipedia as a service to our readers. Please see the note below on authorship of this content, as well as the Wikipedia usage guidelines. To search for other content from our encyclopedia supplement, please use the form below:
Related Sponsors
 |
|
| Type | State-owned enterprise |
|---|---|
| Founded | 1979 |
| Headquarters |  Beijing, China |
| Area served | People's Republic of China |
| Key people | Kong Dan (Chairman) |
| Industry | Finance |
| Website | citic.com |
The CITIC Group (中国中信集团公司, Zhōngguó zhōngxìn jítuán gōngsī), formerly the China International Trust and Investment Company, is a state-owned investment company of the People's Republic of China, established by Rong Yiren (榮毅仁) in 1979 with the approval of Deng Xiaoping.
Its initial aim was to "attract and utilize foreign capital, introduce advanced technologies, and adopt advanced and scientific international practice in operation and management." [1] It now owns 44 subsidiaries including China CITIC Bank, CITIC Holdings, CITIC Trust Co. and CITIC Merchant Co., Ltd (mainly banks) in China, Hong Kong, the United States, Canada, Australia and New Zealand.
The founder of CITIC, Rong Yiren, is the son of one of the richest businessmen in China in the 1930s, Rong Desheng (榮德生). He was also one of the few capitalists that stayed in mainland China after 1949. Rong Yiren later became the vice-president of the People's Republic of China in 1993, and stepped down in 1997.
CITIC Group is 中国中信集团公司 in Chinese, while CITIC Pacific is 中信泰富 in Chinese, which is a subsidiary of CITIC.
It was reported on September 17, 2008, that CITIC was in talks to acquire Morgan Stanley. Instead Morgan sold a substantial potion of their company to Mitsubishi UFJ Financial Group in addition to applying for $10 billion from the Treasury Department as part of the $700 billion Troubled Asset Relief Program.
Contents |
Unauthorized Forex trades
Its subsidiary, CITIC Pacific, made unauthorized bets on the foreign currency market and lost HK$15.5 billion, when accounted for in mark-to-market terms; two senior executives responsible were shown the door.123 Its stock price plunged 55.1 percent upon the resumption of trade.4
See also
- CITIC International Financial Holdings Limited
- Wuhan International Trust and Investment Corporation
- CITIC Securities
- China CITIC Bank
- CITIC Pacific, a subsidiary of CITIC group in Hong Kong
- CITIC Plaza, a skyscraper in Guangzhou, PRC
- CITIC Tower（中信大廈）, a skyscraper in Hong Kong
- CITIC Ka Wah Bank
- CITIC Resources
- Nick Leeson
- Jerome Kerviel
References
External links
|
|||||||||||||||||||||||
 |
This bank, insurance, or other financial services corporation article is a stub. You can help Wikipedia by expanding it. |
 |
This Chinese corporation or company article is a stub. You can help Wikipedia by expanding it. |
Wikipedia content modification information:
- This page was last modified on 28 December 2008, at 00:37.
Wikipedia Authorship and Review
Wikipedia content provided here is not reviewed directly by MedLibrary.org. Wikipedia content is authored by an open community of volunteers and is not produced by or in any way affiliated with MedLibrary.org.
Wikipedia Usage Guidelines
This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article on "CITIC".
The URL for this specific entry is:
All Wikipedia text is available under the terms of the GNU Free Documentation License. (See Copyrights for details). Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc.