Chinese bank to transfer shares to US investor

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Last updated at: (Beijing Time) Thursday, March 11, 2004

Chinese bank to transfer shares to US investor

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The Shanghai-listed China Minsheng Banking Corp Ltd announced Wednesday that the US investment company New Bridge Capital Ltd would acquire 4.82 percent of its shares if it is approved by China's banking authorities.

The bank said in a circular that its present shareholder, China National Coal Group Corp, had agreed to transfer 175 million corporate shares to New Bridge Capital, who would then become the seventh largest shareholder.

The transaction was recently approved by Minsheng's board, but has yet to get the green light from the China Banking Regulatory Commission (CBRC), Thursday's China Daily reported.

Minsheng is planning for an H-share listing, which will hopefully be realized in the first half of the year, insiders say.

Presently, it is providing financial services to approximately 30 large multinationals, including Coca Cola, McDonald's, Ericssonand Motorola.

New Bridge Capital had failed in an earlier attempt to buy a 15percent stake in Shenzhen Development Bank, also a listed bank in China. The deal was already approved by the authorities in September 2002, but was finally canceled due to disparities duringthe transition.

Source:Xinhua

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