NAB in talks with Chinese city bank
(5 June 2006 – China) National Australia Bank is conducting preliminary talks with China’s Quanzhou City Commercial Bank, according to the Chinese bank’s chairman.
Lin Hong said Quanzhou, which is located in China’s southeast Fujian province, is talking to the Australian bank but that nothing significant resulting from the discussions was expected to be announced in the near future.
NAB senior management has been looking closely at the Chinese markets over recent months.
Commonwealth Bank and ANZ have both made announcements on their Chinese interests over the past week: CBA is investing more capital into Jinan City Commercial Bank, which it bought in 2004 for US$17 million; and ANZ has received permission from regulators to buy a 19.9 percent stake in Tianjin City Commercial Bank for US$120 million.
Chongqing City Commercial Bank is another of the country’s dozen or so medium sized city banks searching for foreign capital and expertise in the run up to the banking markets opening fully at the end of 2006.
China’s banking regulator has said it wants the country’s smaller banks to encourage further investment from international players.
NAB senior management has been looking closely at the Chinese markets over recent months.
Commonwealth Bank and ANZ have both made announcements on their Chinese interests over the past week: CBA is investing more capital into Jinan City Commercial Bank, which it bought in 2004 for US$17 million; and ANZ has received permission from regulators to buy a 19.9 percent stake in Tianjin City Commercial Bank for US$120 million.
Chongqing City Commercial Bank is another of the country’s dozen or so medium sized city banks searching for foreign capital and expertise in the run up to the banking markets opening fully at the end of 2006.
China’s banking regulator has said it wants the country’s smaller banks to encourage further investment from international players.
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