Guangzhou Yue Xiu makes HK bank move

Hong Kong and southern China’s financial systems look set to become more interwoven after the bid for Chong Hing, one of Hong Kong’s last independently run banks.

Guangzhou Yue Xiu makes HK bank move
Mainland Chinese banks have been expanding aggressively in Hong Kong since about 2000.

Guangzhou Yue Xiu Holdings has made an offer for Chong Hing, Hong Kong’s smallest family-run bank, the latest state-owned Chinese firm to pile into Hong Kong’s already overcrowded banking sector.

Chong Hing’s controlling shareholders have already accepted the offer, made on Friday, and the concerns of Hong Kong’s banking regulator about a firm with no previous banking experience running one of its lenders have already been allayed, according to a person familiar with the deal....

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