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Minsheng to acquire small HK bank
click rate:2666 issue time:2007-03-10 08:12
Jan. 11, 2007 (China Knowledge) – China Minsheng Banking Corp. will be acquiring a small, Hong Kong-incorporated money lender from the Industrial and Commercial Bank of China as a way to enter the banking industry in Hong Kong.


Minsheng Banking has been negotiating for the past few months with several small local banks to agree on the valuation, sources told The Standard on Thursday. Minsheng Banking aims to complete the deal before its IPO in Hong Kong, scheduled for the third quarter.


The move by Minsheng Banking follows its Mainland peer China Construction Bank, which acquired Bank of America (Asia) for HK$9.7 billion and renaming it to China Construction Bank (Asia).


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