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Newbridge Capital in China move

Newbridge Capital in China move

(China) - US private equity group Newbridge Capital is set to take a strategic stake in China's Shenzhen Development Bank. Newbridge, which has been active in Korea and Japan over the last few years, is set to pay 1.5 billion yuan (US$180 million) for a 15 percent stake.

"After obtaining approval by relevant departments, it is agreed US Newbridge Capital will become a strategic investor in our bank," Shenzhen Development Bank said in a statement published in the official Securities Times.

The bank is one of four listed on Chinese share markets and is the country's tenth ranked commercial bank by deposit base and loan portfolio.

It is listed on the Shenzhen bourse, but it's A class shares can only be bought by Chinese.

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