BNP to buy stake in Nanjing Bank

BNP Paribas SA will pay about US$80 million for a stake of 18% to 19.7% in Nanjing City Commercial Bank, a regional Chinese lender, as the French bank prepares to buy 10% of the stake from the World Bank's International Finance Corp, the Wall Street Journal reported. By buying into a smaller bank, BNP appears to be aiming for more control over operations and a greater say in management, for a smaller sum, than foreign investors in larger lenders, analysts say. Commonwealth Bank of Australia, Deutsche Bank and ING also have invested in smaller Chinese banks.