Date
22 August 2017

CITIC Guoan to acquire stake in Bank of Shanghai, paper says

CITIC Guoan Information Industry Co. Ltd. (000839.CN) has decided to buy part of the 470 million new shares being sold by Bank of Shanghai Co. Ltd. through a private placement, the 21st Century Business Herald reported Tuesday, citing an unnamed person with knowledge of the matter. Although the exact size of the deal was still unclear, the CITIC group unit intends to become the biggest investor in the share placement, the source was quoted as saying. The bank plans to cooperate with CITIC Guoan in developing offshore financial businesses at the Shanghai free trade zone, the report said.

– Contact HKEJ [email protected]

TL/AC/CG

 

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