JP Morgan Is Reported Seeking
Strategic Stake in Bank of China
From Reuters
Monday, August 23, 2004
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=6038683 [1]
HONG KONG -- State-run Bank of China, the country's
largest foreign exchange lender, is in active
discussions with U.S. investment bank JP Morgan
over a possible stake sale, a local newspaper said
on Monday.
Bank of China said it planned to pick five to six
foreign strategic investors for a stake sale by
the end of August, one of which is JP Morgan, the
Apple Daily wrote, citing unidentified sources.
Banks that have said they are not in talks with
Bank of China over strategic stakes include HSBC
Holdings Plc. and Deutsche Bank AG.
Getting foreign investors involved in its
management is seen as a key to ensuring efforts
to turn the bank into a modern and commercially
sound institution.
China injected $45 billion into Bank of China
and China Construction Bank late last year to
help them restructure and eventually list shares
to cope with greater competition from late 2006,
when foreign banks technically gain near-full
access to the market.
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(Korelin Business Report -- audio)
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