SHANGHAI Dec 9 BNP Paribas SA has
raised its stake in China's Bank of Nanjing Co Ltd
by 2 percent to 14.7 percent, the Chinese lender said.
The French bank bought 59.3 million shares, equivalent to
around 2 percent of outstanding shares, between Oct. 10 and Dec.
6, Bank of Nanjing said in a statement to the Shanghai stock
exchange on Saturday.
It did not disclose the transaction amount.
Sources with direct knowledge of the matter had previously
said BNP was looking to raise its stake in the Chinese bank,
based in the eastern city of Nanjing, as it looks to increase
cooperation with its partner.
BNP is one of around 40 foreign banks that have set up
locally incorporated units in China, which allows them to carry
out yuan-related businesses, and has operations in five Chinese
Citigoup said in March it sold its 2.7 percent stake
in Chinese lender Shanghai Pudong Development Bank.
Other banks that have held or hold stakes in major Chinese
lenders include Bank of America, RBS and UBS
. All have sold or watered down their investments over
recent years, mostly to deal with troubles back home.
(Reporting by Kazunori Takada; Editing by Paul Tait)