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StanChart closing in on Everbright stake.
(From South China Morning Post)
Byline: banking Nichole Chan
China Everbright Bank will issue new shares to Standard Chartered Bank which is looking to acquire a strategic stake of at least 15 per cent in the smaller lender, according to sources.
Asian Development Bank (ADB) and Hong Kong-listed China Everbright Holdings, the two foreign shareholders of the mainland bank, would not sell their stakes, the sources said.
"Standard Chartered is not taking over ... and all parties see the transaction as a healthy strategic move," one source said, adding that ADB and China Everbright Holdings' stakes would be diluted after Standard Chartered …
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