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RBS to buy 15% of BOC
www.chinanews.cn 2005-07-27 15:28:06
(Agencies)
July 27 - Royal Bank of Scotland (RBS), the second-biggest British bank,
will buy as much as a 15 percent stake in Bank of China (BOC) for up to
five billion US dollars, a press report said.
The two banks are close to an agreement on a deal that could set a record
for the largest ever single foreign direct investment in China, the South
China Morning Post reported, citing unnamed market sources.
The newspaper said Zhu Min, a BOC assistant president with responsibility
for restructuring and listing, visited RBS's Edinburgh headquarters last
week.
China's second-largest lender hopes to sell RBS a 10 to 15 percent stake
by early next month after drawing criticism back home for moving too
slowly on finding a foreign partner to bolster its reform and
restructuring efforts ahead of a planned stockmarket listing.
"BOC is under a lot of pressure right now," one unidentified banker was
quoted as saying. "(It was) the first of the major Chinese banks to boast
publicly of talks with potential foreign strategic investors."
The newspaper said RBS had signed a non-binding memorandum of
understanding to take a 15 percent stake in BOC.
BOC and RBS officials either declined comment or said they were unaware
of the deal's imminent conclusion.
According to the daily, BOC is also in talks to sell much smaller equity
interests to two additional financial investors. The bank has said it
will limit its foreign strategic investors' combined stake to 20 percent
initially.
Last month, Bank of America paid 2.5 billion dollars for a nine percent
stake in China Construction Bank (CCB), also being groomed for a public
sale.
In 2003, the central government selected BOC and CCB to pilot financial
restructuring and corporate governance reforms at the Big Four state
banks, which also include Agricultural Bank of China and Industrial and
Commercial Bank of China (ICBC).
��nly 25 candidates can win BOC's test (2005-07-26)
��UBS eyes BOC stake (2005-06-22)
��Worldwide, 273 seek senior positions at BOC (2005-06-02)
��Bank of America to be BOC shareholder (2005-04-06)
��BOC hires foreigner as senior officer for the first time
(2005-02-22)
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