CCB, BofA seek strategic pact
Source: Bloomberg News |
August 23, 2011, Tuesday
|
Print Edition
Print Edition
CHINA Construction Bank Corp, the world's second-largest lender by market value, yesterday said it's in talks with Bank of America Corp about a strategic cooperation deal after extending an existing pact to the end of next year.
The lenders are discussing working together on retail and corporate operations as well as wealth management and investment banking, CCB President Zhang Jianguo said in Hong Kong yesterday. A separate agreement that bars BofA, the biggest United States lender by assets, from selling its CCB stake is set to expire next Monday.
"Bank of America will be a long-term strategic partner and a major shareholder of CCB," Chairman Guo Shuqing said in Beijing yesterday.
The US bank, which owns 10 percent of CCB valued at US$17 billion, has agreed to hold some shares "in the long run" and won't cut its stake to below 5 percent, Zhang said.
The lenders are discussing working together on retail and corporate operations as well as wealth management and investment banking, CCB President Zhang Jianguo said in Hong Kong yesterday. A separate agreement that bars BofA, the biggest United States lender by assets, from selling its CCB stake is set to expire next Monday.
"Bank of America will be a long-term strategic partner and a major shareholder of CCB," Chairman Guo Shuqing said in Beijing yesterday.
The US bank, which owns 10 percent of CCB valued at US$17 billion, has agreed to hold some shares "in the long run" and won't cut its stake to below 5 percent, Zhang said.
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