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China Merchants Bank denies loss of $60 mln in investment

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China Merchants Bank (CMB) Friday denied reports that it lost 60 million U.S. dollars on investments with financial services company Fortis.

According to a report Friday morning on Hong Kong's ET Net, handouts in the People's Congress in Guangdong Province revealed that apart from China Ping An -- which had a book loss of 22.7 billion yuan (3.34 billion U.S. dollars) in Fortis -- Guangdong Development Bank and CMB had lost 20 million and 60 million U.S. dollars, respectively, in the company.

CMB shares rose 3.13 percent to 14.81 yuan in Shanghai Friday.

(Xinhua News Agency February 14, 2009)

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