London- and Hong Kong-listed Standard Chartered Plc has been in talks with several Chinese banks about taking a possible stake in one to accelerate expansion in China. Bloomberg reported. SC Chief Executive Peter Wong declined to reveal a timeframe, but said building business organically would take too long. Wong also declined to say whether Standard […]
Category: Banking & Finance
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New provincial bank founded
Zhe Shang Bank recently opened for business, the first private provincial bank founded in China since 1949 and the first with a national license to open since 1995. A total of 13 private firms own a combined 85.7% of the Hangzhou, Zhejiang province-based bank. But despite the bank's private ownership, shareholders are not allowed to […]
The Zhejiang Expressway, which saw net profits grow by 22.4% in the first half, plans to sell its US$132 million securities portfolio after losing US$4.3 million in closed-end investment funds in the first half. Company officials said that the firm plans to take its money out of investment funds by the end of the year […]
Baoshan Iron & Steel plans to acquire US$3.4 billion of assets from its state-owned parent Shanghai Baosteel through transfer of 2.5 billion new shares. The company will also offer 2.5 billion new shares for sale to the public. Analysts said the move was part of the steelmaker's goals to become one of the world's top […]
Goldman Sachs plans to invest US$190 million to fund a mainland brokerage and take a one third share of a related joint-venture investment bank which is to have several partners, including mainland banker Mr. Fang Fenglei and mainland-based Lenovo Group. Goldman's 33% stake is the maximum allowed. The brokerage, to be called Gao Hua and […]