Standard Chartered in talks to take stake in China Everbright Bank - source |
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Published
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Wed, 10 Jan 2007 11:40
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BEIJING (AFX) - Standard Chartered is in talks to take a strategic stake in China's Everbright Bank, sources familiar with the situation told XFN-Asia.The sources declined to quantify the size of the intended stake, however.Earlier today, the Standard newspaper in Hong Kong reported that Standard Chartered has already won a stake in the bank.Officials at Standard Chartered declined to comment while an executive at Everbright said that 'the introduction of a strategic partner has not yet begun.'But the sources said that the talks between the two banks have been under way for some time.Chinese banking rules limit the stake that can be held in a domestic bank by a single foreign investor to 20 pct.Standard Chartered already has a 19.9 pct stake in Bohai Bank.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.juan.chen@xfn.com
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Standard Chartered takes strategic stake in China's Everbright Bank - report 