China Construction Bank (CCB) has received the approval from the banking regulator to acquire a 67 percent stake in Hefei Xingtai Trust Co Ltd, the bank said in a statement on March 2.
CCB will pay 3.4 billion yuan (US$497 million) for the stake, and Hefei Xingtai will be renamed as CCB Trust Co Ltd after the capital injection completed.
So far, CCB has its own fund and financial leasing company. And the latest acquisition of Hefei Xingtai will provide the bank with a platform to manage trust business.
(China Daily March 4, 2009)
