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BIZCHINA / Top Biz News
Australia bank buys 20% in Chinese firm
(Reuters)
Updated: 2007-09-10 12:00
National Australia Bank Ltd (NAB), Australia's largest lender, said on
Monday it had agreed to buy a 20 percent stake in a Chinese property
investment trust, its first acquisition in China.
NAB did not disclose the price it paid for the stake in Union Trust and
Investment Ltd (UTI), but one source estimated it to be about 50 million
Australian dollars (US$41.3 million), valuing the Chinese company at
around 250 million Australian dollars.
NAB said buying a stake in UTI, which manages property trusts, fitted in
with its strategy of expanding existing capabilities into new areas.
Prior to the UTI stake buy, NAB had a representative office in Beijing
but overall the bank has stayed away from buying strategic stakes in
Asian banks.
Australia and New Zealand Banking Group Ltd, Australia's third-biggest
bank, is the most aggressive lender in Australia to pursue Asian
expansion, while the Commonwealth Bank of Australia Ltd?too has
investments in Asian banks.
NAB's 20 percent stake is the maximum it could have bought under the
China's current regulations.
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(For more biz stories, please visit Industry Updates)
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