Bank of East Asia takes 75% stake in FPB Bank
The move lifts Bank of East Asia''s asset base above the $20 billion threshold required by Beijing for foreign banks to establish new branch offices on the mainland.
Bank of East Asia [23] announced on November 20 that it had struck a deal with the controlling shareholders of FPB Bank [717] to acquire their combined 75% stake. The 1.5 times book value price tag equates to HK$3.50 ($0.45) per FPB Bank share and is higher-than-expected. Bank of East Asia will also launch a general offer to acquire all the remaining shares at the same price.That the acquisition removes an obstacle in the way of Bank of East Asia's China aspirations has been well docu…
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