Standard Chartered in China bank stake talks-paper
( 2004-01-16 10:54) (Agencies)
Asian-focused bank Standard Chartered Plc is in talks to buy a stake in Bank
of Communications, China's fifth-biggest lender, the Financial Times reported on
its website.
London-based Standard Chartered is also talking to other Chinese banks about
buying stakes to gain a foothold in mainland Chinese banking, the paper said,
citing Chinese officials.
Standard Chartered said on Thursday it would incorporate its Hong Kong
business under a local subsidiary to pave the way for expansion in China, where
the bank has done business since 1858.
A Standard Chartered spokesman was not immediately available for
comment.
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