02.07.2013 - Liquidity drought pushes giants toward autonomy
China's top bank got a boost from its second biggest shareholder last week when Singaporean sovereign wealth fund Temasek increased its stake in Industrial and Commercial Bank of China Ltd (ICBC), helping to support the lender's share price as Chinese banks faced an unprecedented liquidity crisis. Temasek's purchase of about 126 million of ICBC's Hong Kong dollar-denominated shares, announced late last week, was clearly driven in part by self-interest, as the wealth fund wanted to protect its massive existing investment in the bank worth more than $4 billion. Such purchasing is similar to share buybacks often seen in the US, when companies purchase their own shares to provide support in times of volatility.....................................Full Article: Source