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Foreign banks are searching eagerly for Chinese equity partners as the country's banking sector opens further to foreign competition. Last month, a Citigroup-led consortium won the right to buy an 85 percent stake in Guangdong Development Bank for $3.1 billion.

Last October, France's BNP Paribas bought 19.2 percent of Nanjing City Commercial Bank for $87 million, making it the first foreign firm to invest in a bank in Jiangsu.

A single foreign investor can only take up to 20 percent of a Chinese bank and foreign investors cannot buy more than 25 percent collectively, according to Chinese regulations.

Unlike national banks, which can open branches anywhere across the country, smaller provincial and city banks such as Jiangsu Bank are in theory limited to operating outlets within their home provinces.

Jiangsu Bank is China's second lender created through the merger of small city banks. Late last year, Huishang Bank was launched as a combination of 10 small lenders in the eastern province of Anhui. Foreigners, including Singapore's DBS , are in talks about a potential stake in Huishang.

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