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BOC eying overseas M&As
Source: Bloomberg News |
December 13, 2011, Tuesday
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Print Edition
Print Edition
THE Bank of China "will pay attention to" merger and acquisition opportunities overseas as it follows Chinese corporate clients into new markets, President Li Lihui said after opening a branch in Japan.
China's third-largest lender by total assets will also add branches in markets where it already has a presence, Li was quoted as saying in the transcript of an interview posted to the bank's website yesterday. The bank sees more opportunities in Japan due to trade between the two countries, he said.
"Asia will be the major area where Bank of China wants to increase its focus," Li said. "The bank will concentrate on areas where Chinese companies are expanding abroad. We will also pay attention to regions such as central and eastern Europe where we didn't have coverage in the past."
The BOC, the only Chinese lender named last month as one of 29 systemically important global banks that must hold additional capital, has operations in 31 countries, Hong Kong and Macau, Li said. The Industrial and Commercial Bank of China Ltd agreed in August to buy assets in Argentina for US$600 million, and the Financial Times said last month China Construction Bank Corp was holding talks to buy a small Brazilian lender.
China's third-largest lender by total assets will also add branches in markets where it already has a presence, Li was quoted as saying in the transcript of an interview posted to the bank's website yesterday. The bank sees more opportunities in Japan due to trade between the two countries, he said.
"Asia will be the major area where Bank of China wants to increase its focus," Li said. "The bank will concentrate on areas where Chinese companies are expanding abroad. We will also pay attention to regions such as central and eastern Europe where we didn't have coverage in the past."
The BOC, the only Chinese lender named last month as one of 29 systemically important global banks that must hold additional capital, has operations in 31 countries, Hong Kong and Macau, Li said. The Industrial and Commercial Bank of China Ltd agreed in August to buy assets in Argentina for US$600 million, and the Financial Times said last month China Construction Bank Corp was holding talks to buy a small Brazilian lender.
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