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September 29, 2005

BEA Keeps Its Powder Dry in China, But Won't Get Left Out


BEA says that it has been circling several mainland banks, but without success so far. GM Raymond Yu feels that it's early days in China, and doesn't seem to feel any pressure to be a first mover - in fact quite the opposite:

"There's no need to worry, each foreign bank can only partner with two local players. HSBC is out of the game," he said.

The Standard article notes that BEA would like to buy 19.9% (the maximum) stakes in two city commercial banks: one in the north and one in the south, but so far seems to have lost out in the bidding for Nanjing CCB (likely to BNP) and Minsheng Bank.

Posted by The Banker at September 29, 2005 09:57 AM

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