On October 7, China Minsheng Banking Corp., Ltd. (Minsheng)
announced its plan to spend 2.5 billion yuan purchasing the shares
of UCBH Holdings, Inc., an American banking company. This is the
first time that a Chinese bank has bought into a US native banking
company.?
According to Minsheng's plan, the Chinese bank will take three
steps to buy 20 percent of UCBH Holdings' shares over the next
several years.
UCBH Holdings was established in San Francisco in 1974. Its
holding company, United Commercial Bank, is the US' largest
commercial bank serving Chinese communities. With assets totaling
as much as US$10.35 billion, UCBH Holdings has 66 subsidiaries in
the US, most of which are located in California. It also has
established branches in Hong Kong and offices on the Chinese
mainland, for example Shenzhen.
For more details, please read the full story in Chinese. (
http://www.caijing.com.cn/newcn/home/headline/2007-10-08/32623.shtml)
(China.org.cn October 8, 2007)
