ICBC withdraws from first joint bank in Shanghai

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Last updated at: (Beijing Time) Thursday, November 27, 2003

ICBC withdraws from first joint bank in Shanghai

The Industrial and Commercial Bank of China (ICBC) announced Wednesday the transfer of all its sharesin the International Bank of Paris and Shanghai to its partner BNP Paribas, a leading French bank.

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The Industrial and Commercial Bank of China (ICBC) announced Wednesday the transfer of all its sharesin the International Bank of Paris and Shanghai to its partner BNP Paribas, a leading French bank.

As a result, the International Bank of Paris and Shanghai will become a solely-owned company of BNP Paribas. The decision has been approved by China's banking regulator, the ICBC said.

The International Bank of Paris and Shanghai was set up in 1992as the first foreign-funded banking enterprise in Shanghai, with ICBC and the BNP Paribas each holding a 50-percent stake in the bank.

ICBC President Jiang Jianqing said that his bank and BNP Paribas will continue their existing cooperation and widen the scope of cooperation.

The ICBC withdrawal will be conducive to BNP Paribas expanding business in China and cater to the ICBC's overall strategy, analysts said.

In 1997, the International bank of Paris and Shanghai became among the first group of foreign-funded banks authorized to do RMByuan business in China.

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