La Caixa takes 4pc stake in Hong Kong bank

18th September 2007, Comments 0 comments

18 September 2007, MADRID - AFP - Spanish bank La Caixa has taken a 4.0 percent stake in Hong Kong Bank of East Asia for about 30 million euros (42 million dollars), La Vanguardia newspaper reported Tuesday.

18 September 2007

MADRID - AFP - Spanish bank La Caixa has taken a 4.0 percent stake in Hong Kong Bank of East Asia for about 30 million euros (42 million dollars), La Vanguardia newspaper reported Tuesday.

The paper, without citing sources, said negotiations had taken place over several months led by the bank's holding company, Criteria Caixa Corporation.

The deal highlights the Spanish bank's long-term strategy of boosting its presence in Asia, the paper added. La Caixa is controlled by the Catalonian regional government of northeastern Spain.

The Hong Kong Bank of East Asia is one of four banks to have been authorised by Chinese authorities to form alliances with mainland Chinese banks, according to La Vanguardia.

The bank employs 8,000 people and reported a net profit of 317.9 million euros last year.

[Copyright AFP with Expatica]

Subject: Spanish news

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