SHANGHAI, FEB 25: China's largest state-owned commercial bank and Hong Kong's Bank of East Asia Ltd (BEA) have jointly acquired a major share of the Asian securities business of Britain's National Westminster Bank plc, a report said Wednesday. The Shanghai Securities News said the Industrial and Commercial Bank of China (ICBC) and BEA signed an agreement Tuesday in Beijing to acquire 85 percent of NatWes T Securities Asia Co Ltd. ICBC will have a 60-percent share of the new company, Bank of East Asia 25 percent and NatWest's senior managers 15 percent.The British company, a subsidiary of National Westminster Bank, would be renamedICBC-East Asia Finance Shareholding Co Ltd, the report said. The report said the move advanced ICBC's preparations to help Chinese companiesseeking overseas listing or to issue bonds.
NatWest Securities Asia has in recent years become lead coordinator and guarantoR for many Chinese companies seeking overseas listings. The report said ICBC took the opportunity, thrown up byNational Westminster banK's decision to trim its investment banking business, to set up a Finance company.
China and Hong Kong will be the main business focus for the new firm which willconcentrate on raising capital for enterprises, Financial consultancy, sponsoring C ompanies for listing and direct investment.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
