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China Development Bank may buy Shenzhen lender

(Agencies)
Updated: 2009-02-23 14:22

China Development Bank (CDB), a major State-owned bank, is in talks about a possible takeover of Shenzhen Development Bank (SDB), the Economic Observer Online news service reported.

Related readings:  China Development Bank goes commercial  Shenzhen Development Bank to raise $1b selling bonds  Shenzhen Development Bank submits share reform plan

CDB, which used to lend in line with government policies but is now converting itself into a commercial bank, may buy all or part of SDB, a mid-sized institution based in the southern city of Shenzhen, the news service (www.eeo.com.cn) quoted unnamed sources as saying on Sunday.

It quoted one source as saying the two banks were discussing details of a deal and had presented a proposal to the China Banking Regulatory Commission.

Another source close to CDB's executives was quoted as saying, "CDB does intend to buy a deposit-taking institution, but it's not convenient to reveal which one."

Spokesmen at the banks were not immediately available to comment on the report, which helped to push SDB's shares up by their 10 percent daily limit to 14.99 yuan on Monday.

SDB is nearly 18 percent owned by US private equity firm Newbridge Capital, which has effective control of the bank.

The stock market has been speculating for months that Newbridge might sell all or part of its stake to book a profit. It bought the stake in 2004; at the end of that year, the shares were trading at just above 5 yuan.

In November, SDB chairman Frank Newman told Chinese media that he believed Newbridge would eventually sell off its holdings in the bank, but he did not provide a timeframe.