FOREIGN BANKS SCRAMBLE TO BE SHAREHOLDERS OF BOC
AsiaInfo Services, April, 2005
AsiaInfo Services 04-14-2005 Foreign Banks Scramble to Be Shareholders of BOC CHINA, Apr 14, 2005 (SinoCast via COMTEX) -- Foreign banks are scrambling to be shareholders of Bank of China (BOC), the oldest bank and one ofthe top four state-owned commercial banks in China, according to the related report. There are ten banks participating in the competition besides Bank of America (BOA), Deutsche Bank and UBS AG (UBS), according to the latest report.
The progress of the negotiationbetween BOC and UBS, and BOC and Royal Bank of Scotland (RBS) are the fastest. RBS plans to acquire a 20% stake from BOC with USD4bn, but theyhave not reached any agreement yet up to now, according to the insider. UBS also intends to purchase a 1% to 2% stake with USD300mn. It is...
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