{"id":8873,"date":"2006-08-25T02:54:35","date_gmt":"2006-08-25T09:54:35","guid":{"rendered":"http:\/\/chinadigitaltimes.net\/2006\/08\/25\/china-construction-to-buy-bank-of-americas-hk-unit-patricia-cheng\/"},"modified":"2006-08-25T02:54:35","modified_gmt":"2006-08-25T09:54:35","slug":"china-construction-to-buy-bank-of-americas-hk-unit-patricia-cheng","status":"publish","type":"post","link":"https:\/\/chinadigitaltimes.net\/2006\/08\/china-construction-to-buy-bank-of-americas-hk-unit-patricia-cheng\/","title":{"rendered":"China Construction to Buy Bank of America’s H.K. Unit – Patricia Cheng"},"content":{"rendered":"

From Bloomberg:<\/p>\n

China Construction Bank<\/a> Corp. agreed to buy Bank of America<\/a> Corp.’s Hong Kong and Macau branches for HK$9.7 billion ($1.24 billion), the largest overseas acquisition by a Chinese lender.<\/p>\n

The takeover will give China’s third-largest bank 17 outlets with HK$7.4 billion of net assets, the Beijing-based company said in a statement today. Construction Bank, which also posted an 18 percent drop in first-half profit on tax changes, will buy all of Bank of America (Asia) Ltd. with cash.<\/p>\n

Construction Bank said the acquisition would help create a leading international lender and strengthen its partnership with Bank of America Corp., which paid $3.3 billion for a 9 percent stake in the Chinese firm last year. China’s banks are turning to Hong Kong to gain experience after decades of fraud and lax- lending controls led to billions of dollars in bad loans.[Full Text]<\/a> <\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

From Bloomberg: China Construction Bank Corp. agreed to buy Bank of America Corp.’s Hong Kong and Macau branches for HK$9.7 billion ($1.24 billion), the largest overseas acquisition by a Chinese lender. The takeover will give China’s third-largest bank 17 outlets with HK$7.4 billion of net assets, the Beijing-based company said in a statement today. Construction […]<\/p>\n","protected":false},"author":76,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[2],"tags":[487,2356],"class_list":["post-8873","post","type-post","status-publish","format-standard","hentry","category-economy","tag-banking","tag-china-construction-bank","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\nChina Construction to Buy Bank of America's H.K. 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