Beijing bank in talks with HSBC
1 January 2003
An official of Beijing City Commercial Bank has confirmed that it is actively pursuing talks with the International Finance Corporation and HSBC about their taking stakes in it, South China Morning Post said. The IFC, the World Bank's financing arm, tentatively signed up to take a 5-8 per cent stake in the bank while HSBC was looking to take a stake of 15 per cent.
Beijing City Commercial Bank, formed by a merger of Beijing city's urban credit cooperatives,has about 100 branches, all located in the capital. It has assets of Yn94bn and accumulated profits of Yn5.3bn, making it one of China's 10 most profitable banks.
