(12 July 2006 – China) Dutch banking giant Rabobank is set to take a 10 percent stake in China’s United Rural Cooperative Bank of Hangzhou.Rabobank said the acquisition formed part of its Rabo Development Program, which supports the growth of modern rural banking in developing countries.
Rabobank’s stake is the first time a foreign bank has invested in a Chinese rural co-operative bank.
The World Bank owned International Finance Corporation will also invest in the Chinese bank, taking a five percent stake.