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CHINESE BANKING GIANT ICBC ACQUIRES 90% OF INDONESIAN LENDER.
BEIJING, Jan 1 Asia Pulse - The Industrial and Commercial Bank of China (ICBC) (SSX:601398, SEHK:1389), the country's largest bank, has signed an agreement with Indonesian lender Bank Halim to acquire a 90 per cent stake in the latter, according to a release on the ICBC's website.
The release said the remaining 10 per cent stake will continue to be held by shareholders of Bank Halim, but the ICBC has the option to buy it in three years.
This is the first time for the ICBC to take over a foreign bank, and is also the first time for the bank to enter an overseas market via acquisition, which would produce valuable experience for the bank to expand in the international financial market, said the release.
The two banks have to wait ...
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Source: HighBeam Research, CHINESE BANKING GIANT ICBC ACQUIRES 90% OF INDONESIAN LENDER.