Shares of U.S.-traded banks based in Asia fell Friday as news that American International Group Inc. posted a steep first-quarter loss and Citigroup Inc. would shed nearly $500 billion in assets pulled the broader U.S. market lower.
The Bank of New York Asia ADR Index lost 1.38 points to 162.51. ADRs, or American Depositary Receipts, are securities that allow overseas companies to trade on U.S. markets.
ADRs of Asian banks traded lower, tracking the U.S. banking sector. At a meeting of analysts and investors Friday, Citigroup Chief Executive Vikram Pandit said he would wind down between $400 billion and $500 billion of the bank's $2.2 trillion in assets.
The New York-based bank also said it planned to grow revenue by 9 percent in the next few years as it attempts to bounce back from losses tied to investments in the mortgage and credit markets.
India's HDFC Bank Ltd. fell $2.93, or 2.7 percent, to $106.49. Japan's Mixuho Financial Group Inc. lost 20 cents to $9.93. India's Icici Bank Ltd. slipped 61 cents to $42.44.
South Korea's Kookmin Bank gave up 65 cents to $61.98. Woori Finance Holdings Co., also based in South Korea, shed 59 cents to $58.20. Shinhan Financial Group Co. lost $1.58 to $102.17. Japan's Mitsubishi UFJ Financial Group Inc. fell 3 cents to $10.61.
Bucking the trend, Australia's Westpac Banking Co. advanced $1.12 to $121.82.
The Bank of New York Composite ADR Index gave up 1.26 points to 182.51.
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