China Information

Saturday, January 06, 2007

ICBC Completed the First Multinational Acquisition

The first multinational bank acquisition by Industrial and Commercial Bank of China (ICBC) is successfully completed. According to correspondents, on Dec.30th last year, ICBC and the shareholder of Indonesian Halim Bank signed an acquisition agreement. According to this agreement, ICBC will purchase 90% shares of Halim Bank and the original shareholders still hold the rest 10% shares temporarily (both parties agreed that three years later ICBC would conduct a selective acquisition of this proportion of shares based on Indonesian law valid from time to time). This is the first time for ICBC to conduct a multinational bank acquisition and also the first time for it to enter overseas market though acquisition. This provides precious experience for further penetration and expansion of ICBC in the international financial markets.

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