Industrial Bank Group (IBG) said it has received approval from the State Council and China Banking Regulatory Commission to purchase 51.18 percent of Union Trust Ltd's stock at 852 million yuan.
The move will make the Fujian-based lender the third in China to own holdings of a trust company following Bank of Communications and the China Construction Bank.
The shares were formerly held by New Hope Group, South Hope Co Ltd, and Huatou Investment Co Ltd.
Source:China Daily
The move will make the Fujian-based lender the third in China to own holdings of a trust company following Bank of Communications and the China Construction Bank.
The shares were formerly held by New Hope Group, South Hope Co Ltd, and Huatou Investment Co Ltd.
Source:China Daily
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