BCHB acquires large stake in Bank of Yingkou

by Richard Kilner

Story link: BCHB acquires large stake in Bank of Yingkou

Bumiputra-Commerce Holdings Bhd (BCHB) has acquired a 19.99% stake in Bank of Yingkou Co Ltd, formerly known as Yingkou City Commercial Bank.

There are a number of other large shareholders in the bank, including Liaoning Jinding Magnesium Mine Group with 14.86% and Yingkou Qunqi Refractories Ltd with 14.15%.

BCHB’s shares were acquired through a subscription valued at RM156.2m.

Yingkou Bank presently has 35 branches throughout the city, and has been granted approval by the Chinese authorities to commence regional expansion.

Datuk Nazir Razak, chief executive of CIMB (the group of which BCHB is the listed entity), has stated that the move was a stage in the firm’s overseas expansion programme.

Razak went on to say that the firm would be active in the bank’s management, and would be considering the possibility of listing the bank.

He added that the main priority was growing the business, and that whilst listing remained an option, other moves were available.