Banking News
- Chinese banks deny plans to buy Standard Chartered stake
Date: 20-Nov-2007 Sources: (People's Daily)
Senior officials of the Industrial and Commercial Bank of China (ICBC) have denied a published report that three major Chinese banks would acquire a 17 percent stake in the Standard Chartered bank, China News Service reported Monday.
The British newspaper, Financial Times, reported earlier that ICBC, the Bank of China (BOC) and the China Construction Bank (CCB) planned to buy Standard Chartered shares now held by Singapore investment firm Temasek Holdings.
An ICBC official said that the bank had 'never made such contact with Temasek'. Spokesmen for CCB and BOC said they had no knowledge of any such planned acquisition.
Temasek holds more than 17 percent of the shares of Standard Chartered. Analysts said it was important for Temasek to remain Standard Chartered's biggest shareholder and that the Singapore firm had no reason to sell the shares.
Chinese banks had made six overseas acquisitions by the end of October ,for a total exceeding 10.7 billion U.S. dollars.
The deals include China Development Bank's injection of 3 billion U.S. dollars into Barclays and ICBC's acquisition of a 20 percent stake in South Africa-based Standard Bank.
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