Banking News

ICBC denies Travelex takeover rumour

ICBC denies Travelex takeover rumour

(9 May 2007 – China) China’s biggest lender Industrial and Commercial Bank of China has hosed down rumours that it is speaking to foreign exchange specialist Travelex with a view to buying the UK headquartered company. However, ICBC said it was in discussions with Travelex about potential business cooperation.

'These discussions do not involve the bank taking over Travelex or acquiring any interests in Travelex,' ICBC secretary to the board of directors Pan Gongsheng said.

Reports in the Hong Kong media said the two parties had been speaking since the end of 2006 and that ICBC president Yang Kaisheng and Travelex chairman Lloyd Dorfman were leading these discussions.

Travelex was founded in the UK by Lloyd Dorfman who remains a minority stakeholder and was bought by Apax Partners in August 2005. Standard Chartered also has a minority stake.

Last month Travelex agreed to buy competitor Ruesch International from private equity firm Welsh, Carson, Anderson & Stowe for US$440 million.

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