BNP Paribas to gain foothold in China through Nanjing stake buy
French bank BNP Paribas has agreed to pay $100 million to acquire a 20% stake in China's Nanjing City Commercial Bank, sources emerging from the region claim.
According to reports from the Oriental Morning Post, BNP and Nanjing have thrashed out a deal but as yet have not made formal arrangements. The source, believed to be from inside Nanjing bank, suggested the official agreement signing would take place next month. BNP has refused to comment an whether a deal has been struck. However, a BNP Paribas spokeswoman has confirmed to the AFX news agency that the two parties were engaged in negotiations. BNP will acquire half its stake in Nanjing from International Finance Corp, the private sector financing arm of the World Bank. After the sale International Finance Corp will be left with a 5% share in the Chinese bank, therefore foreign ownership in Nanjing will be at the maximum allowed by Chinese law of 25%, with 20% in BNP's hands.
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