Newbridge Capital to buy into Minsheng Bank

US investment fund Newbridge Capital will acquire a 4.82% stake in joint-stock bank Minsheng Bank, according to Minsheng officials. No financial details were provided. Minsheng is aiming to raise US$1 billion by listing in Hong Kong in 2004. Newbridge, if approved by the China Banking Regulatory Commission, is expected to buy 175 million shares in Minsheng from state-owned China National Coal Group.