BEA in pole position to take Huaxia Bank stake | SCMP
Bank of East Asia (BEA) is the favourite to secure a stake in Huaxia Bank, which wants to attract outside investors and list on the A-share market this year, Chinese bankers said yesterday.
They said that BEA, one of the most active Hong Kong banks on the mainland, wanted a stake of 15 to 25 per cent in Huaxia, a seat on the board and management positions to monitor credit, interest rate and working capital risks.
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HSBC declined to comment on speculation that the bank is bidding against BEA for a stake in Huaxia.
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"It likes Huaxia's asset quality and management and its clients are a good fit with those of BEA. It is small enough that a minority stake would give it a substantial say in the management," he said.
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