UBS investing $500 in Bank of China
Swiss bank UBS AG said Tuesday it is investing $500 million in state-owned Bank of China, the nation’s second-largest bank, to create a partnership in investment banking and securities services for Chinese clients.
The deal is the latest in a series of strategic investments by foreign banks seeking footholds in the fast-growing and increasingly competitive Chinese banking market.
For their part, Chinese banks have been encouraged by authorities to seek foreign partnerships to build up their capital and improve management before China fully opens its banking industry to foreign competition in late 2006.
Source: MSNBC, China Daily.
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