CBA could be first Australian bank in China

The Commonwealth Bank of Australia said it was in discussions over a possible 11% stake in the 64-branch Jinan City Commercial Bank, ranked 8th among China's 112 commercial banks. A deal would make it the first Australian player to enter China's bank sector. Regulators allow foreigners to hold up to 20% of a mainland bank and Commonwealth is reportedly leaving the option of taking a bigger stake open. Jinan City claims assets of just under RMB 20 billion.