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CBA maintains stake in China’s Jinan

CBA maintains stake in China’s Jinan

(2 June 2006 – China) China’s banking regulator has given Commonwealth Bank the go-ahead to put more capital into Jinan City Commercial Bank in order to keep its stake at 11 percent. CBA bought its stake in the Chinese bank in 2004 for US$17 million. It has the option to increase its stake to 19.9 percent by May 2008.

The Australian bank also bought a 19.9 percent stake in Hangzhou City Commercial Bank in September 2005 for US$77 million.

In further news, China’s banking regulator said it did not currently have any preference between Citigroup and Societe Generale over bids for Guangdong Development Bank.
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