CCB on hunt for European bank

China’s state-owned China Construction Bank (CCB; 601939.SH) plans to spend up to US$15.8 billion on the acquisition of a bank located in the UK, Germany or France, Financial Times reported the bank’s chairman Wang Hongzhang as saying. “Some of the banks in Europe have been put up for sale,” Wang said. “Now we are looking for the right choice.” He declined to name a specific European bank. CCB, which is the second largest in China by assets, intends to acquire an entire bank, or a 30-50% share in a bigger group with an international reach, Wang said. The bank’s previous chairman, Guo Shuqing said last year that price would not be the determining factor when considering the acquisition of a foreign bank: “Just looking at the prices, it might seem a good deal. But it would not necessarily suit our development strategy.”