HANG SENG BANK, WING LUNG BANK TO BUY 24.99% OF YANTAI BANK
AsiaInfo Services, February, 2008
AsiaInfo Services 02-19-2008 Hang Seng Bank, Wing Lung Bank to Buy 24.99% of Yantai Bank YANTAI, Feb 19, 2008 (SinoCast via COMTEX) -- Hang Seng Bank and Wing Lung Bank, both from Hong Kong, said at the inception of February that they would buy into Yantai City Commercial Bank, located in the coastal city of Yantai, Shandong province. The Hang Seng Bank will buy a 20 percent stake in the city commercial bank for CNY 800 million.
The acquirer will become the majority shareholder and will be entitled to have seats in the board of directors of the target lender after conclusion of the deal. The acquisition is milestone for Hang Seng Bank to build up presence in mainland China and the bank has invested up to CNY 7.3 billion there, said the bank's vice chairman and...
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