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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
