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English > Finance > Finance-Breakingnews>ICBC to Acquire 70% of BEA Canada Unit, Sell Stake in ICEA Finance JV

ICBC to Acquire 70% of BEA Canada Unit, Sell Stake in ICEA Finance JV

06-05 12:10 Caijing



» Industrial and Commercial Bank of China, the world's largest lender by market value, said it plans to pay HK$ 567 million for a 70 percent stake in the Canadian subsidiary of the Bank of East Asia.
» In return, BEA will pay ICBC HK$ 372 million for its entire 75 percent stake in ICEA Finance Holdings Ltd., the joint venture of ICBC and BEA, ICBC said in a statement filed with the Hong Kong Stock Exchange on June 4.
» Within one year of completion of the transactions, which are awaiting regulatory approval, ICBC will have the option to buy another 10 percent of the Canadian subsidiary, while the BEA will have the option to sell its entire stake in the subsidiary to ICBC.
From wires 
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