Chinese regulators have rejected US investment fund Carlyle Group's bid to buy a portion of a small bank in western China, the bank said.
Regulators rejected Carlyle's bid for 8 percent of Chongqing Commercial Bank Co (
A spokeswoman in Hong Kong for Carlyle did not immediately respond to a message seeking further information.
China stepped up scrutiny of foreign acquisitions following an uproar over Carlyle's 2005 bid to buy a company that manufactures construction equipment.
Chinese banks have been seeking out foreign banks as strategic investors to get access to capital and expertise.
It was not clear whether Chinese regulators would consider Carlyle an appropriate partner for a bank, because of its lack of banking experience.
Carlyle, based in Washington, and Hong Kong's Dah Sing Bank (大新銀行) agreed in December to buy a combined 24 percent stake in the Chongqing bank in Chongqing.
The Dah Sing purchase of a 17 percent stake was approved by regulators in April.
China received more than US$60 billion in foreign investment last year, but acquisitions of even minority stakes in existing companies are still unusual and politically sensitive.
Critics complained that China might be selling important assets too cheaply or endangering its economic security.
A provision in a proposed anti-monopoly law under consideration by China's legislature would require a national-security review for foreign takeovers of Chinese companies.
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