icbc-buys-stanley-hos-bank-in-macau

ICBC buys Stanley Ho's bank in Macau

The Chinese bank pays $590 million to acquire an 80% interest in Seng Heng Bank from Stanley Ho and CEO Patrick Huen.
Industrial and Commercial Bank of China said on Wednesday it will acquire MacauÆs third largest lender, Seng Heng Bank. ICBC, ChinaÆs largest bank, will pay HK$4.55 billion $590 million for a 79.93% stake in the Macau bank, which is majority-owned by Stanley Ho.

Seng Heng was established in 1972 and acquired by Ho's company Sociedade de Tourismo e Diversoe de Macao STDM in 1989. It had assets of HK$24.6 billion and profits of HK$302 million for the latest financial year ended December 31, 2006. It has nine branches and 47 ATMs in Macau. The sell-side was advised by Credit Suisse.

The net asset value of Seng Heng Bank as at...
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