RBS to acquire 10% of BoC

The Royal Bank of Scotland Group PLC said it is leading a US$3.1 billion investment in the Bank of China that would give Europe's second largest lender a 10% stake, with 5% controlling interest, to a tune of US$1.6 billion. The deal, which is subject to regulatory approval, would give RBS access to China's second largest lender with 11,307 branches, a 12% share of the loans market in the Mainland and 14% of the savings market. Hong Kong billionaire Li Ka Shing will buy a 2% stake in BoC worth US$750 million.