The Industrial and Commercial Bank of China (ICBC, 中國工商銀行), China’s largest lender by total assets, has announced a deal to acquire 70 percent of Bank of East Asia’s (東亞銀行) Canadian unit for US$73 million.
Bank of East Asia (BEA) will have the option to sell the remaining 30 percent stake to ICBC one year after the transaction is completed, the Chinese bank said in a statement posted on its Web site on Wednesday.
Separately, BEA will buy from ICBC 75 percent of ICEA, a joint venture between the two banks, for US$48 million, therefore making it a wholly owned subsidiary of the Hong Kong lender, the statement said.
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“The acquisition of 70 percent interest in BEA Canada will enable ICBC to establish its banking business and customer base in Canada, which will provide a strong platform to further expand our businesses and network across North America,” ICBC chairman Jiang Jianqing (姜建清) said in the statement.
“At the same time, the sale of ICEA will help streamline our organizational structure and business integration in Hong Kong by allowing full resource dedication on our Hong Kong investment banking business,” Jiang said.
The deals are pending approval from regulators in China, Hong Kong and Canada, the statement said.
ACQUISITIONS
Beijing-based ICBC has been active in its overseas acquisitions since it purchased controlling stakes in Indonesia’s Halim Bank in December 2006 and Macau’s Seng Heng Bank in August 2007.
Last year, it acquired a 20 percent stake in South Africa’s Standard Bank, the largest lender in Africa.
Chinese state media reported last month that ICBC was eyeing more foreign targets, including troubled US banks, and could make more acquisitions later this year.
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