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Chinese bank denies plans to buy stake in African bank

Reports in a Chinese state-owned newspaper that a major Chinese bank is to buy a $5bn stake in West Africa’s largest lender have been denied.

The report stated that the China Development Bank was to purchase a minority stake in the Nigeria’s United Bank for Africa.

However, there has been neither official nor unofficial confirmation of the prospective deal, and an anonymous source at the bank has denied it has even been planned.

At present the China Development Bank is not a commercial bank, but the Chinese government has indictaed it wishes to turn it into one.

Of late, China’s banks have been making large overseas investment’s, and the country’s government is keen for its financial institutions to engage Africa.

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