Source: CCTV.com

10-08-2007 11:01

China's Minsheng Banking Corporation has agreed to buy 9.9 percent of Nasdaq-listed UCBH Holdings, a US bank based in San Francisco.

The Chinese bank will make the investment in two phases, with an option to raise its stake to 20 percent.

Minsheng said it would pay between 97 million and 145 million US dollars in the first phase, and a further 115 million dollars to 172 million dollars in the second, which is expected to be completed by the end of next year.

 

Editor:Xiong Qu