Standard Chartered to take stake in Bank of China HK

In a move set to boost confidence in Bank of China Hong Kong''s IPO, Standard Chartered will take a strategic stake.

In each of China's major IPOs, it has become the norm to bring in a major strategic investor. The purpose of this is usually to get the average Hong Kong taxi driver excited about buying the stock. Since most taxi driver's idol is Li Ka-shing, he has frequently been the favoured choice.

However, Li has no experience of banking, and Bank of China's investment story as a bank has taken a bit of a pounding over the past year. Step forward, Standard Chartered.

The British bank, which is also one of the biggest in Hong Kong, has agreed to buy around 2.5% of Bank of China HK's IPO. The exact percentage will...

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