• Most Popular
  • Most Shared

China Construction Bank open to foreign acquisitions

Tue Apr 15, 2008 8:40pm EDT

Stocks

   

CANCUN, Mexico, April 15 (Reuters) - China Construction Bank (0939.HK) is interested in foreign acquisitions, although it is not pursuing talks with any possible targets, Chairman Guo Shuqing said on Tuesday.

Stocks  |  Mergers & Acquisitions  |  Global Markets  |  Funds News  |  ETFs News

Guo told Reuters at a regional meeting of the World Economic Forum in the Mexican resort of Cancun that China Construction Bank, China's second-largest lender by assets, had eyed several U.S. banks for possible tie-ups.

When asked if he was interested in U.S. and Latin American banks, Guo said, "Yes."

Guo said last week the bank was actively seeking appropriate opportunities for overseas acquisitions, the official China Securities Journal reported on Monday.

The bank, which is 8.5 percent-owned by Bank of America Corp (BAC.N), has also said it would set up a committee including its chairman, president and several board members to make decisions on overseas acquisition investments. (Reporting by Noel Randewich; Editing by Braden Reddall)



More from Reuters

Photo

Fox, Time Warner Cable ink temp deal to avoid blackout

NEW YORK (Reuters) - Time Warner Cable and News Corp's Fox Networks agreed to a brief extension of their current carriage contract on Thursday to avoid a blackout that would have prevented 13 million U.S. homes from seeing TV shows like "The Simpsons" and college and NFL football games.

A customer is served at a counter inside a foreign exchange store displaying a poster of various banknotes including the Chinese yuan or renminbi (RMB) in Hong Kong November 20, 2009. REUTERS/Bobby Yip
OUTLOOK 2010:

Be careful what you wish for

Pressure on China to loosen its grip on the yuan will continue but the U.S. should tread carefully. Here are five world market issues to watch.  Full Article 

Clients work out on machines at the Bally Total Fitness facility in Arvada, Colorado June 15, 2009.  REUTERS/Rick Wilking

Get real with resolutions

We make them and we break them: The secret to keeping them is to avoid the impossible dream.  Full Article