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China Development Bank denies merger imminent

by Staff Writers
 Shanghai (AFP) Feb 24, 2009
 China Development Bank said it was not about to buy into Shenzhen Development Bank, part-owned by US private equity firm Newbridge Capital, amid reports the two lenders could merge.

China Development Bank said in a statement late Monday that it "currently has no arrangements regarding buying stakes" in the mid-sized lender, located in the southern city of Shenzhen.

But on Tuesday Shenzhen Development Bank said its shares would remain suspended after media reported it may merge with China Development Bank, according to a filing with the Shenzhen Stock Exchange.

The statements came after the Economic Observer reported over the weekend that Shenzhen Development Bank was in talks to sell an unspecified stake to the state-run China Development Bank, citing unnamed sources.

Shares in the Shenzhen bank surged by the daily limit of 10 percent before they were suspended on Monday afternoon.

Trading will resume after it releases a statement to clarify the media report, the bank said.

China Development Bank has been working for years to transform itself from an institution dedicated to carrying out government policies into a market-oriented commercial bank.

It said in Monday's statement that it "had been actively exploring the possibility of a strategic cooperation with commercial banks as part of efforts to facilitate a transformation into a commercial (bank)".

Newbridge became the largest shareholder in Shenzhen Development Bank when it took a 17.9-percent stake in 2004.

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