Senior officials of the Industrial and Commercial Bank of China have denied a report in the Financial Times that three major Chinese banks are keen to acquire a 17 per cent stake in Standard Chartered Bank. 

The newspaper reported that ICBC, Bank of China and China Construction Bank plan to buy the shares from Singapore investment firm Temasek Holdings. Chinese banks have made six overseas acquisitions this year, including China Development Bank's injection of USD3 bn into Barclays, and ICBC's acquisition of a 20 per cent stake in South Africa-based Standard Bank.

Last update : Wednesday, 21 November 2007

Keywords : Standard Chartered, ICBC, Bank of China, China Construction Bank, Financial Times

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