Fujian Industrial Bank has confirmed that it is in negotiations with potential foreign investors, the Financial Times said. Local media reports named Singapore's United Overseas Bank as one suitor for a stake.
Fujian Industrial, which plans to raise capital through a share offering, has 250 branches and lends in and around its home province of Fujian. The bank announced profits of Yn910m in 2002, 26 per cent higher than in 2001. It claims a non-performing loans ratio of 3.5 per cent, low for a Chinese bank.