China Construction Bank Corp. said Friday it has launched a financial leasing joint venture with Bank of America Corp., a strategic investor in the Chinese bank.
The joint venture, called CCB Financial Leasing Corp., has an initial capitalization of CNY4.5 billion, China Construction Bank said in a statement.
China Construction Bank, one of the country's four largest commercial banks, holds 75.1% of the venture and Bank of America 24.9%, the statement said.
The auto lender's earnings outpaced Wall Street's expectations. But shrinking car inventories at dealerships, which stemmed from new tariffs, put a dent in Ally's lending.
The Columbus, Ohio-based regional bank also benefited from strong performances by several legacy business lines, including auto, mortgages and SBA lending.
The Dallas-based lender, which reported a year-over-year decline in earnings, is anticipating increased loan activity and deposit growth later in the year.
With the passage of the bill, large banks are looking into their own stablecoins or partnering with the sector, while concerns linger about state regulation, the separation of banking and commerce and the disintermediation of the banking system.
The regional bank's cloud-based software platform will be one of the first of its kind, a top executive said Friday.
The banking subsidiary of Western Alliance Bancorporation is discarding six brand names to unify under the Western Alliance Bank moniker; longtime JPMorgan advisor Vishal Idnani will join Western Alliance as its next CFO; First Community in Lexington, South Carolina, will acquire Signature Bank of Georgia; and more in this week's banking news roundup.
