Bank of China acquires stake in 15 village banks for RMB978 Million ($141.9 million)

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Bank of China Ltd. (3988.HK) agreed to acquire shares in 15 village banks held by China Development Bank for 978 million yuan ($141.9 million).

The Chinese lender said after trading hours Thursday that the sale was publicly offered at Beijing Financial Assets Exchange Co.

Bank of China said it plans to raise its stake in the 15 village banks and is in talks with other shareholders of the lenders.

Re-disseminated by The Asian Banker from Fox Business / The Wall Street Journal