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Hang Seng Bank pays for Industrial Bank deal
(Xinhua)
Updated: 2004-04-30 09:48

Hang Seng Bank announced in Hong Kong Thursday it has made cash payment to acquire 15.98 percent of Industrial Bank Co Ltd's enlarged capital, following the approval by the China Banking Regulatory Commission.

The transaction, amounting to 1,726 million yuan (US$210 million), was symbolically done at a "check" presentation ceremony held in Fuzhou, Fujian province, where sits the Industrial Bank headquarters. The deal makes Hang Seng the largest outside investor of a mainland bank in terms of invested capital and percentage of shareholding.

The subscription price per share of 2.70 yuan represents 1.8 times the net asset value of the Industrial Bank as at December 31 2002, and represents 1.5 times after subscription of shares.

"By leveraging the expertise of each other, both banks will benefit from the growing business opportunities following the gradual liberalization of the mainland financial markets," said Vincent Cheng, vice chairman and chief executive of Hang Seng Bank.

Industrial Bank is a joint-stock commercial bank in the Chinese mainland with a nationwide network of over 250 outlets. Hang Seng Bank is a principal member of the HSBC Group and the second largest listed bank in Hong Kong in terms of market capitalization.

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