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New Ningbo stake to cost OCBC 1.8b yuan

Private placement will raise its holding in China bank to maximum of 20%
Wednesday, January 15, 2014 - 06:00

EVEN before its acquisition of Hong Kong's Wing Hang Bank is sealed, OCBC Bank said yesterday that it would invest 1.8 billion yuan (S$378 million) to boost its stake in China's Bank of Ningbo. OCBC has agreed to subscribe for up to 207.55 million new shares in Bank of Ningbo at 8.85 yuan each

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