ICBC completes deal

09:38, January 29, 2010      

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Industrial and Commercial Bank of China (ICBC) has completed the acquisition of 70 percent stake in Bank of East Asia Canada for HK$589.2 million, the lender said yesterday.

The bank has the option of buying an additional 10 percent stake in Bank of East Asia Canada after Jan 28, 2011. As part of a connected transaction, ICBC also sold its 75 percent stake in ICEA Finance Holdings to Bank of East Asia for HK$372.15 million.

Source: China Daily
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