December 9, 2012 / 2:55 AM / 5 years ago

BNP Paribas raises stake in China's Bank of Nanjing

SHANGHAI, Dec 9 (Reuters) - 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 cities.

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)

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