China's CCB Eyes Bank of America (Asia)

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00010175-chinas-ccb-eyes-bank-of-america-asia/

The third-largest bank in the world?s largest country has its eyes set on Bank of America (Asia). China Construction Bank (CCB) is said to be interested in acquiring the Asian arm of Bank of America, according to Hong Kong-based newspaper The Standard.

The report said that CCB is smarting over a failed attempt to buy Asia Commercial Bank in February. The bank said that they are still interested in finding another acquisition target in Hong Kong. Bank of America (Asia) has 17 branches in Hong Kong and neighboring Macau.

U.S. parent company Bank of America is a strategic investor in CCB. Last year, the bank paid $3 billion for a 9% stake in CCB, which has $522 billion in assets and $467 billion in deposits.

China's CCB Eyes Bank of America (Asia)

Unknown Author

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