BoCom: Eyeing M&A, New Branches In Overseas Expansion
June 26 2010 - 6:12AM
Dow Jones News
Bank of Communications Co. (601328.SH, 3328.HK), 19%-owned by
HSBC Holdings PLC (HBC), will expand its overseas operations by
looking for opportunities to buy other financial institutions as
well as setting up new branches, bank President Niu Ximing said
Saturday.
"We shouldn't just set up branches overseas but also explore
mergers and acquisition," he said in a financial forum. "The two
approaches need to be combined."
Bank of Communications has more than 2,700 branches and outlets
across 137 of the wealthiest cities in mainland China. It has been
expanding its operations to include asset management, trust and
financial leasing.
-By Dinny McMahon, Wall Street Journal; (86-10) 8400-7732;
dinny.mcmahon@wsj.com
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