HenryTo
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Joined: 06 Aug 2004
Posts: 11735
Location: Los Angeles, California
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 Posted: Mon Aug 22, 2005 9:32 pm Post subject: Huaxia Bank plans stake sale to Deutsche |
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The inflow of "Western" talent to China continues...
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BEIJING, Aug. 23 -- Huaxia Bank Co., the second smallest of five mainland-listed lenders, plans to sell a stake of less than 5 percent to Deutsche Bank for US$110 million by the end of September, Huaxia bankers said Monday.
Beijing-based Huaxia, the latest of five banks to float domestic shares, began discussions with Germany’s biggest lender in late 2004 and aimed to conclude a deal by the end of September, a Shanghai-based senior Huaxia bank executive said.
The Chinese lender also plans to sell another 5 percent stake to a foreign non-banking financial institution, other Huaxia banking executives said, without providing details.
“We plan to hold a board meeting to discuss this soon,” said the Shanghai-based Huaxia executive, who is familiar with the deal.
“Hopefully, the deal will be finalized before the end of next month.”
A Beijing-based Huaxia executive said the two foreign firms would buy the stake from several State-owned shareholders but he declined to name any Chinese firms who have agreed to sell their holdings.
Both the Shanghai and Beijing-based Huaxia executives declined to be identified. |
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