ICBC eyes Unicredit’s Pioneer bid
Print Edition
THE Industrial and Commercial Bank of China is considering a bid for Pioneer Investments, one of Europe’s biggest money managers, according to a person familiar with the matter.
Pioneer, owned by Italy’s biggest bank by assets Unicredit, managed 174 billion euros (US$240 billion) as of the end of last year.
British newspaper The Sunday Times previously reported that ICBC could pay up to 2 billion euros for Pioneer. Such a deal would mark the biggest-ever purchase of a Western money manager by an Asian firm.
There is more urgency for Chinese banks to accelerate global growth in response to a slowing market at home and as the country’s leadership change precipitates more financial sector reforms, further pressuring margins.
The global ambitions also come at a time when European banks are retreating from the asset-management business in a bid to repair crisis-battered balance sheets.
“It would be a very significant development because it clearly would make a big difference to their (ICBC) credentials,” said Stewart Aldcroft, a senior advisor in Asia-Pacific for Citi Securities and Fund Services.
Media reports have indicated that Unicredit plans to list or sell Pioneer, which operates in 27 countries including India and Singapore. The bank declined to comment on those reports earlier this month.
Unicredit declined to comment on ICBC’s interest.
In an e-mailed statement, an ICBC spokesman denied that it was in talks with Pioneer.
ICBC, the world’s largest bank by market value, has not made a formal offer but has communicated its interest to the asset manager, the person said, declining to be identified.
- 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.
