Announced
Financials
Tags
consumer finance
Acquisition
Pending
Majority
Friendly
Single Bidder
Domestic
China
Private
Banks
Synopsis
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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