China's Minsheng to buy stake in US bank

Minsheng is to buy 9.9% of United Commercial Bank, a bank that focuses on the Chinese community in America, and secures an agreement to increase its stake to 20%.

In a deal which captures the trend of Asian companies looking beyond their borders for strategic stakes in foreign assets, ChinaƆs Minsheng is to acquire a 9.9% stake in California-headquartered United Commercial Bank UCB.

The acquisition is to happen in two tranches over the next two years. The parties have also agreed to an optional third tranche which could see Minsheng increase its holding to 20% by 2009.

The first tranche of the deal involves Minsheng acquiring a stake...

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