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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%

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...

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