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

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.