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Chinese banks deny plans to buy Standard Chartered stake

Chinese banks deny plans to buy Standard Chartered stake
PTI
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First Published: Tue, Nov 20 2007. 11 55 AM IST

No Chinese stake: ICBC has denied a report that three major Chinese banks would acquire a 17% stake in the Standard Chartered bank
No Chinese stake: ICBC has denied a report that three major Chinese banks would acquire a 17% stake in the Standard Chartered bank
Updated: Tue, Nov 20 2007. 11 55 AM IST
Beijing: The Industrial and Commercial Bank of China (ICBC) has denied a report that three major Chinese banks would acquire a 17% stake in the Standard Chartered bank, state media reported.
No Chinese stake: ICBC has denied a report that three major Chinese banks would acquire a 17% stake in the Standard Chartered bank
An ICBC official said the bank had “never made such contact with Temasek”, which holds more than 17% of the shares of Standard Chartered.
Spokesmen for China Construction Bank (CCB) and Bank of China (BOC) also said they had no knowledge of any such planned acquisition, official Xinhua news agency said, quoting China News Service.
Chinese banks had made six overseas acquisitions by the end of October, for a total amount of $10.7 billion.
The deals include China Development Bank’s injection of $3 billion into Barclays and ICBC’s acquisition of a 20% stake in South Africa-based Standard Bank.
The British newspaper, Financial Times, had reported earlier that ICBC, the BOC and the CCB planned to buy Standard Chartered shares held by Temasek Holdings.
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First Published: Tue, Nov 20 2007. 11 55 AM IST