Banking News
- Liaoning News
Date: 17-Jan-2007 Sources: (Shenzhen Daily)
BANK of Nova Scotia, Canada's second-largest bank by market value, is in the final stage of talks to seal a deal for a 20 percent stake in China's Dalian City Commercial Bank, two banking sources said yesterday.
Bank of Nova Scotia, also known as Scotiabank, plans to invest about 2 billion yuan for a 20 percent stake - the maximum allowable for a single foreign investor under Chinese law - in the lender in the northern harbor city of Dalian, the sources said. The International Finance Corp. (IFC), the World Bank's private investment arm, also aims to buy a 5 percent stake in the Dalian bank for 500 million yuan, they said. The two foreign investors and Dalian bank expect to seal the deal around the traditional Spring Festival, the lunar new year in mid-February, they said.
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