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China reportedly lifts blacklist on CSFB

CSFB is reportedly back in business in China Keystone Archive

China has reportedly allowed Credit Suisse First Boston to resume its underwriting business on the mainland, after blacklisting the firm for working with Taiwan.

This content was published on October 19, 2001 - 14:52

The Financial Times quoted China's vice-minister of finance, Jin Liqun, as saying that CFSB was no longer barred from future deals on the mainland.

Last August, Beijing pulled the plug on CSFB's underwriting roles in an expected $1.8 billion share issue by China Unicom, the country's second largest mobile phone operator, and a $1 billion offering by China Aluminium.

It's not clear whether CSFB will now be able to participate in those deals.

The ban was put in place after CSFB organised meetings between Taiwanese and European businessmen, and invited Taiwanese ministers to a conference in Hong Kong. China described the moves as "not conducive to reunification".

China's reported lifting of the blacklist comes after CSFB's chief executive, John Mack, held talks with officials in Beijing.

Analysts say Beijing punished CSFB as an example to other foreign firms intending to do business with Taiwan. Jin was quoted as saying: "We don't have anything against companies who engage in unofficial cooperation with Taiwan".

Foreign investment banks underwrote much of the almost $40 billion in share offerings raised by Chinese companies last year.

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