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September 28, 2005

Taureaux dans un magasin de porcelaine, redux

Even as Credit Suisse was dropping out as an investor in CCB, arch-rival UBS was concluding a $500m investment in Bank of China, alongside larger investors RBS (with co-consortium investors Merrill Lynch and Li Ka-Shing) and Temasek. UBS is said to have a "strategic arrangement" with BOC in the areas of investment banking and securities, presumably one different from the "exclusive strategic partnership" it has with RBS and general "collaboration" and "cooperation" which comes along with Temasek's also-"strategic" investment.

UBS also today announced plans to purchase 20% of of Beijing Securities for approximately $210 million, investing alongside the IFC.

Meanwhile, having been cut out by Deutsche in its bid for a stake in Huaxia Bank, BNP confirms that it is close to an investment in Nanjing City Commercial Bank, said to be in the $100m range. This investment would give the multi-national (but yet very French) banking group an 18.5% stake in the Chinese institution, which The Banker calls "a relatively well-run commercial lender" with low NPLs.

Posted by The Banker at September 28, 2005 01:36 AM

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