Bank of China, Singapore's State Investor Buy 27 CCB Rural Lenders for USD234.8 Million
Liu Jing
DATE:  Aug 28 2018
/ SOURCE:  Yicai
Bank of China, Singapore's State Investor Buy 27 CCB Rural Lenders for USD234.8 Million Bank of China, Singapore's State Investor Buy 27 CCB Rural Lenders for USD234.8 Million

(Yicai Global) Aug. 28 -- Bank of China and an investment unit of Singapore's government-owned Temasek Holdings have increased their rural assets by buying over 20 branches of China Construction Bank for CNY1.6 billion (USD234.8 million).

Bank of China and Fullerton Financial Holdings signed an equity transfer agreement with CCB yesterday to buy 27 rural units of the latter, online news outlet Sina Finance reported.

This is the second time that the Beijing-based bank has acquired countryside lenders, as the first purchase was 15 China Development Bank's branches last year.

The latest batch will be incorporated into BOC Fullerton Community Bank which was started in 2011 by the two parties. After this acquisition, BOC Fullerton Community Banks's rural lending institutions in China will increase to 127 units, covering 19 provinces. 

Following the news, CCB's [SHA: 601939] stock price has risen 1.16 percent today to CNY6.98 (USD1.02) at 11.09 a.m. Bank of China's [SHA: 601988] shares have plateaued at CNY3.55 at 11.10 a.m.

Editor: Emmi Laine

 

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Keywords:   MSCI,China Construction Bank,BOC Fullerton Community Bank,China Development Bank,Fullerton Financial Holdings,Acquisition