Business

Tuesday November 3, 2009

HLB in JV with Bank of Chengdu


PETALING JAYA: Hong Leong Bank Bhd (HLB) has entered into an agreement with Bank of Chengdu Co Ltd (BOCD) to form a joint-venture (JV) company that will operate as a licensed consumer finance firm in Sichuan, China.

In a statement to Bursa Malaysia, it said HLB would have a 49% equity interest in the company. The company has a 20% stake in BOCD.

The joint venture will be known as Sichuan Jincheng Consumer Finance Ltd Liability Co, with a registered capital of 320 million yuan (RM160mil). HLB will contributed about RM78.4mil. “The proposed JV represents a strategic alliance between HLB and BOCD to tap the promising and growing financial services sector in China,” it said.


HLBANK : [Stock Watch] [News]


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