Sanwa Bank to buy stake in H.K.'s Dah Sing Financial

Asian Economic News, March 27, 2000

TOKYO, March 21 Kyodo

Sanwa Bank said Tuesday it will buy a stake in Hong Kong's Dah Sing Financial Holdings Ltd., a holding company which owns Dah Sing Bank, in order to strengthen its operations in Asia.

Sanwa Bank plans to buy by the end of March the 12.3% stake that Mitsui Trust & Banking Co. owns in Dah Sing Financial Holdings.

The Japanese bank hopes to acquire more shares later to increase its stake to more than 20%, company officials said.

Dah Sing Financial Holdings also owns a life insurance company and other firms and has 39 branch offices in Hong Kong.

Sanwa Bank is seeking an alliance to integrate its own branches with those of Dah Sing and hopes to boost business with small and medium-sized Japanese firms in southern China, company officials said.