China's Minsheng Bank Invests in US Bank
Aggregated Source: China ChallengesAFP reports:
China Minsheng Bank said on Monday it planned to buy 9.9 percent of UCBH Holdings Inc for up to 317 million dollars in the first strategic investment by a Chinese lender in a US bank.
Minsheng Bank, which currently has no branches abroad, will have the option to increase its stake in San Francisco-based UCBH to 20 percent in future, the mid-sized Chinese bank said in a statement with the Shanghai Stock Exchange.
"Acquiring a stake in UCBH is mainly targeted at being able to use its branch network," said Wang Qian, a Shanghai-based analyst with Industrial Securities.
"UCBH mainly serves ethnic Chinese in the United States, which will facilitate Minsheng's ambition of expanding its overseas operations."
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http://www.channelnewsasia.com/stories/afp_world_business/view/304510/1/.html
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