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Merchants Bank denies Fortis investment loss

(Xinhua)
Updated: 2009-02-14 11:25

China Merchants Bank (CMB) Friday denied reports that it lost $60 million 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) in Fortis -- Guangdong Development Bank and CMB had lost $20 million and $60 million, respectively, in the company.

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