RBS and Lenovo Buy Into Suzhou Trust
The Royal Bank of Scotland and Lenovo's Legend Holdings have acquired a combined 29.99 per cent stake in Suzhou Trust, state media reports. RBS paid RMB117.9m for its 19.99 per cent share while Legend paid RMB59m for its 10 per cent stake. Suzhou Trust, a mid-sized trust and investment firm, will issue new shares to RBS in a private placement.
CIC in Talks For HSBC Stake
British media reports that China's Investment Corporation is in talks
with Europe's largest bank HSBC for a minority stake. The Sunday
Telegraph reported that HSBC Chairman Stephen Green has met officials
of the CIC "several times in recent months". The Chinese sovereign fund
is reportedly interested in buying shares in the open market and to use
part of its USD200 bn fund to diversify its investments. CIC has bought
stakes in U.S.-based Blackstone Group and Morgan Stanley for USD8 bn.
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