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March 11, 2008 |
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CHINA MINSHENG: Seeks to Buy European Rivals China Minsheng Banking Corporation Ltd. plans to buy more overseas rivals, in particular in Europe, as part of its strategy to boost its global business, Reuters reports. But the Shanghai-listed bank's long-delayed plans for a Hong Kong listing to help fund its expansion plans could be further postponed after failing to settle on pricing, China Minsheng told Reuters. Dong Wenbiao, the bank's chairman, disclosed to Reuters that Minsheng Bank was in the market to buy banks that have existing branch networks in Hong Kong and Europe. He did not, however, disclose any potential targets, Reuters says. "I think it's a right time to make overseas acquisitions right now," Mr. Dong told Reuters, adding foreign assets are relatively cheaper than previously while investors may be overly worried about the economic impact from the U.S. credit crisis. "We are very keen to expand our business in some developed markets, especially Hong Kong and Europe, through acquisitions," Mr. Dong further added. Last October, Minsheng Bank agreed to buy 9.9% of San Francisco- based UCBH Holdings for more than US$200 million in the first strategic investment by a mainland Chinese bank in a U.S. bank, Reuters recalls. Mr. Dong also told Reuters his bank would not acquire other U.S. banks after the UCBH deal, which would give Minsheng Bank access to UCBH's more than 60-branch network across the United States. China Minsheng Banking Corporation Ltd.'s principal activity is the provision of commercial banking services that include absorbing public deposits, providing short term, medium term, and long term loans, making domestic and international settlement, discounting bills and issuing financial bonds. On July 16, 2007, the Troubled Company Reporter - Asia Pacific reported that on July 13, 2007, Fitch Ratings upgraded China Minsheng Banking Corp.'s individual rating to "D" from "D/E" while it affirmed its support rating at "4". |
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