Fitch affirms Industrial and Commercial Bank of China

Fitch Ratings said it affirmed Industrial and Commercial Bank of China (Asia) Ltd.'s individual rating at C and support rating at 2.

The bank's total assets and loans increased by 26% and 8% respectively in 2006, increasing even further by 54% and 40%, respectively, in 2007, Fitch said. It is a market leader in loan syndication and corporate lending, the agency added.

Nevertheless, the bank's profitability still lags behind its peers as ample liquidity and intense competition kept margins on corporate/syndicated loans at historically low levels, Fitch said.

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