Standard Chartered takes strategic stake in China's Everbright Bank - report |
|
|
|
Published
:
Wed, 10 Jan 2007 04:35
|
BEIJING (XFN-ASIA) - Standard Chartered has won a strategic stake in China's Everbright Bank, which plans to raise three bln hkd in an initial public offering in the first half of the year, The Standard reported.The report did not give the size of the stake. Chinese rules limit the stake that can be held in a domestic bank by a single foreign investor to 20 pct.A partnership with the Beijing-based bank would give Standard Chartered, which already has a 19.9 pct stake in Bohai Bank, wider access to the mainland market, the Hong Kong newspaper said.A Standard Chartered spokesperson declined to comment on the acquisition, the newspaper added.An earlier report in the official Shanghai Securities News cited a source as saying Everbright is planning to invite Standard Chartered to make a strategic investment.But the official newspaper added that both banks declined to comment.Standard Chartered has said it aims to expand across China through organic growth and acquisitions, with new chairman Mervyn Davies saying that the bank aims to double its number of outlets on the mainland to 44 within 18 months.will.davies@afxasia.com
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2630.24 |
+33.88 (
1.30 %)
|
| SYMBOL (
2007-09-28 ) |
| LAST |
CHANGE
|
|
LONMIN
(
11:35am )
|
|
3649.00 |
+251.00 (
7.28 %)
|
|
CARNIVAL
(
11:35am )
|
|
2374.00 |
+157.00 (
7.07 %)
|
|
RIO TINTO
(
11:35am )
|
|
3528.00 |
+65.00 (
1.89 %)
|
| SYMBOL (
2007-09-04 )
|
| LAST |
CHANGE
|
| SYMBOL (
2007-09-04 )
|
| LAST |
CHANGE
|
|
|
Print this Story
China's Everbright Bank to seek investment from Standard Chartered - report 