Standard Chartered Buys 20pct Stake in China's Bohai Bank

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00005156-standard-chartered-buys-20pct-stake-in-ch/

Standard Chartered has agreed to buy a nearly 20 per cent stake in Bohai Bank, a new private bank in northern China, in a bid to catch up with international rivals in the Chinese domestic market, according to people close to the deal.

The long-awaited deal comes after other foreign banks such as HSBC and Citigroup have stepped up their investments in China in a bid to tap the vast potential of its domestic market. China allows foreign lenders to own up to 20 per cent of Chinese banks.

Standard Chartered has been criticised for its tardiness in making inroads into China, although a deal with such a little-known bank may not satisfy the critics.

For this complete story, please visit Standard Chartered Buys 20pct Stake in China’s Bohai Bank.

Standard Chartered Buys 20pct Stake in China's Bohai Bank

Unknown Author

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