NEWS
BNP Paribas takes 14.74% stake in Bank of Nanjing
20 February 2013
Category:
News, Asia, China
By Hui Ching-hoo
BNP Paribas has purchased 61.13 million shares of Bank of Nanjing in the secondary market through the QFII programme. The deal makes BNP Paribas the largest shareholder in the bank with a 14.74% stake.
To prevent the controlling interest in BoN falling into the hands of foreign institutions, Nanjing State-owned Asset Supervision and Administration Commission (Nanjing SASAC) aligned the shareholdings of BoN’s second largest investor, Zijin Investment Group, with that of the third largest shareholder, Nanjing Gaoke. Zijin Investment Group and Nanjing Gaoke currently hold 13.76% and 11.23% stakes in BoN – 24.99% of the company combined.
Nanjing SASAC is the controlling group for both Zijin Investment Group and Nanjing Gaoke.
BNP Paribas has been actively investing in Mainland enterprises since being awarded its QFII license in October 2004. The French lender currently has an accumulated QFII quota of US$600 million.
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