Chinese banks, global ambitions
China’s largest banks’ moves overseas to date have been modest but they already provide some indications of future strategy.
The most high profile was China Construction Bank’s (CCB) acquisition of the Hong Kong and Macau operations of Bank of America in August 2006. The deal, valued at some $1.2 billion, is an extension of the strategic investment by Bank of America into CCB prior to its IPO and makes a lot of sense, say analysts.
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