Ho to sell Seng Heng Bank stake to ICBC
24 August 2007
Macau gaming tycoon Stanley Ho is in advanced talks to sell a majority stake in Seng Heng Bank to ICBC, the Financial Times reported. Seng Heng is Macau's second-largest locally incorporated bank with assets of US$3.2 billion. Details of the potential deal are undisclosed, but Heng Bank is being advised by Credit Suisse while ICBC has retained Goldman Sachs. The potential acquisition of Seng Heng by ICBC would extend Beijing's firm grip over Macau's financial sector, whose largest participant is the Bank of China group.