Chinese banks are bolstering their offshore loan recovery teams as they face a wave of bad debts linked to struggling overseas businesses and acquisitions.
ICBC, Bank of China and China Construction Bank, along with several other large Chinese financial institutions, have rapidly expanded recovery and restructuring operations at their offshore units in Hong Kong over the past three years, according to three people familiar with the matter.
While global banks have supported recovery teams for several years, in-house distressed debt teams is a new area of business for many of the Chinese banks in Hong Kong.
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