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

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.