China Information

Saturday, December 30, 2006

CCB Completed Acquisition of the Bank of America(Asia)

CCB has released news recently that it has acquired the 100% shares of Bank of America(Asia)held by the Bank of America (“Bank of America Asia”), which has completed formal delivery. Later, the Bank of America Asia will be renamed as CCB (Asia) Company Ltd, and all its business networks will complete the replacement of logos and names very soon. According to the acquisition agreement signed with the Bank of America, CCB will provide HK dollar 9.71 billion for acquisition of all the shares held by the Bank of America. Calculated at such price, the acquisition price provided by CCB is 1.32 times that of the net book assets of the Bank of America Asia. Compared with the similar transactions in Hong Kong market, the acquisition price of CCB is not high.

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