July 28, 2019 / 9:29 AM / in 23 days

Unit of China's ICBC bank to take 10.82% stake of troubled Bank of Jinzhou

BEIJING, July 28 (Reuters) - The Industrial and Commercial Bank of China (ICBC), , the country’s largest lender by assets, said on Sunday its wholly owned unit had signed an equity transfer agreement to invest in the troubled Bank of Jinzhou.

The unit, ICBC Financial Asset Investment Co, will invest up to 3 billion yuan ($436 million) in a 10.82% stake of Bank of Jinzhou, the ICBC said in a statement filed to the Shanghai Stock Exchange. ($1 = 6.8785 Chinese yuan renminbi) (Reporting by Cheng Leng)

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