China Minsheng Bank could become the first Chinese financial institution to acquire a US bank, Bloomberg reported, citing unnamed sources close to the deal. Minsheng, China’s first privately-owned bank, is seeking regulatory approval to increase its holding in San Francisco-based UCBH Holdings from 9.6% to 50%. Experts in the US claim that the move would be a "good step" for the Beijing-based bank, especially given the size of their investment over the last two years. Minsheng have invested US$126 million into UCBH since October 2007, despite shares in the US bank declining by 97%.