Bank of Beijing on Acquisition Trail
From the Financial Times:
Bank of Beijing, the mid-sized Chinese lender part-owned by Dutch bank ING, indicated on Friday that it would seek further acquisitions after agreeing to buy a stake of just under 20 per cent in Lang Fang City Commercial Bank.
Yan Bing Zhu, chairman, said the bank was interested in investing in insurers or asset management firms after the government this year changed rules to allow banks and insurance companies to invest in each other. He added that the bank planned to sell shares in Hong Kong “soon” after listing in Shanghai last year. “We want to use Hong Kong as a platform to internationalize ourselves,” he said.