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New Deal


Announced

Bank of Ningbo to acquire a 70% stake in consumer finance unit of China Huarong Asset Management for $172m.

Financials

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Transaction Value£128m
Consideration TypeCash
Capital Owned-
Capital Bid For70%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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consumer finance

Acquisition

Pending

Majority

Friendly

Single Bidder

Domestic

China

Private

Banks

Synopsis

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Bank of Ningbo, a Chinese city-based commercial bank, agreed to acquire a 70% stake in consumer finance unit of China Huarong Asset Management, a China-based company mainly engaged in asset management business, for $172m. After the completion of the deal, Huarong Consumer Finance will no longer be a subsidiary of China Huarong, according to a statement filed to Hong Kong Stock Exchange.

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