Royal Bank of Scotland eyes foothold in China
April 11, 2005
London - Britain's Royal Bank of Scotland was mulling a £2.13-billion (R24.6-billion) stake in the Bank of China, the Financial Times said on Monday.
Several international banking groups were vying for a slice of China's second largest bank because of the country's rapid rate of economic growth, the business daily added.
RBoS, the second biggest bank in Britain, declined to comment on negotiations.
The Bank of China (BoC) announced last week that it was in talks with 10 potential foreign partners for a strategic link-up.
Under Chinese law, foreign investors can own up to 25 percent of a Chinese bank, but single investors cannot hold more than 20
percent.
Other interested parties were US global giant Citigroup, investment bank JP Morgan, Britain's HSBC and emerging markets bank Standard Chartered.
Dutch bank ING and US group GE Capital could also be in the running, the report added.
BoC said last week that it was in talks with Deutsche Bank, Swiss group UBS and Bank of America over a possible strategic partnership - the first time it has named foreign banks interested in buying a stake. - AFP
|
|
