Friday, September 19, 2008

BOC acquires 20 per cent stocks of LCFR

Bank of China announced September 18 in France that it has acquired 20 per cent stock of France's La Compagnie Financière Edmond de Rothschild with 2.3 billion yuan , and became the second largest shareholder of the bank. This is the first strategic investment by a leading Chinese bank in a Eurozone bank.

BOC will get relative powers to participate in administrating and operating LCFR, particularly sending two directors to the board of LCFR. This agreement is still waiting for the authorization of the regulation department.

By People's Daily Online

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