Bank of China buys fund from subsidiary

Bank of China has bought an 83.5% stake in BOC International Investment Managers (BOCIIM), a fund management company previously owned by two of its subsidiaries, China Business Net reported (in Chinese). BOCIIM had been held by BOC International Group, which had a 67% stake, BOC International (China) Ltd, with 16.5%. US-based BlackRock Investment Management holds the remaining 16.5% of BOCIIM. Through the acquisition Bank of China became the only domestic bank to hold such a large share of a fund management company.