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Unit of China's ICBC bank to take 10.82% stake of troubled Bank of Jinzhou

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07/28/2019 | 05:29am EDT

BEIJING (Reuters) - The Industrial and Commercial Bank of China, the country's largest lender by assets, said on Sunday its wholly owned unit had signed an equity transfer agreement to invest in the troubled Bank of Jinzhou.

The unit, ICBC Financial Asset Investment Co, will invest up to 3 billion yuan ($436 million) in a 10.82% stake of Bank of Jinzhou, the ICBC said in a statement filed to the Shanghai Stock Exchange.

(Reporting by Cheng Leng)

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF CHINA LTD 0.00% 3.7 End-of-day quote.2.49%
BANK OF JINZHOU CO LTD 0.00% 7 End-of-day quote.-9.44%
INDUSTRIAL AND COMMERCIAL BANK OF CHINA 0.00% 5.69 End-of-day quote.7.56%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.13% 6.875 Delayed Quote.0.07%
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