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RBS nears stake in Bank of China

RBS nears stake in Bank of China

(27 July 2005 – China) Royal Bank of Scotland is a step nearer securing a 15 percent stake in Bank of China after signing a non binding agreement with the Chinese bank. The deal is expected to be signed in August following the advancements of talks between the two parties in Edinburgh last week.

Royal Bank of Scotland is expected to pay up to US$5 billion for the stake.

UBS is another foreign bank expected to take a stake in BOC, announcing back in June that it is looking to invest some US$500 million in China. Talks between UBS and BOC continue to take place.

Singapore government’s Temasek Holdings is also in discussions with BOC which is aiming to sell 20 percent of the bank overall to foreign owners.

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