Unit of China's ICBC bank to take 10.82% stake of troubled Bank of Jinzhou

Bank of Jinzhou Co

28/07/2019 10:27

BEIJING, July 28 (Reuters) - The Industrial and Commercial
Bank of China (ICBC),  601398.SS   1398.HK , the country's
largest lender by assets, said on Sunday its wholly owned unit
had signed an equity transfer agreement to invest in the
troubled Bank of Jinzhou.
    The unit, ICBC Financial Asset Investment Co, will invest up
to 3 billion yuan ($436 million) in a 10.82% stake of Bank of
Jinzhou, the ICBC said in a statement filed to the Shanghai
Stock Exchange.

($1 = 6.8785 Chinese yuan renminbi)

 (Reporting by Cheng Leng)
 ((cheng.leng@thomsonreuters.com; +8610-5669-2129;))