China CITIC Bank announced Sunday that it holds about US$76 million of Lehman Brothers bonds, the Securities Daily reported Monday.

In a statement filed with the Shanghai Stock Exchange, CITIC Bank said that it has not made any provisions for impairment loss of its Lehman Brothers bonds holdings. But the bank said it intends to do so after conducting a risk assessment.

The bank also noted that it does not hold any subordinated bonds issued by Lehman Brothers.

So far, seven Chinese banks have disclosed holdings of Lehman Brothers debt totaling US$721.64 million.

The Industrial and Commercial Bank of China (ICBC), China's biggest lender, said it has US151.8 million of Lehman Brothers bonds.

China Construction Bank (CCB) said last Friday it had US$191.4 million of bonds issued by Lehman Brothers, including US$141.4 million in senior bonds and US$50 million in subordinated bonds.

Bank of China (BOC) holds US$75.62 million in bonds issued by the failed US investment bank. It had also loaned US$53.2 million to Lehman Brothers and its subsidiaries.

Bank of Communications, the country's fifth-largest commercial lender, says it has US$70 million in Lehman bonds.

China Merchants Bank, a major domestic commercial bank, also disclosed an exposure of US$70 million in bonds issued by Lehman Brothers.

Industrial Bank, a Fujian-based commercial bank, said it owns US$33.6 million worth of Lehman bonds.

(China.org.cn by Yan Pei, September 22, 2008)

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