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By Chen Jialu (China Daily)
Updated: 2007-07-12 14:10

Italian bank Intesa Sanpaolo SpA will sign an agreement today to buy a 19.99 percent stake in Qingdao City Commercial Bank, joining the ranks of foreign banks acquiring holdings in domestic lenders to gain a foothold in the rapidly growing Chinese financial market.

"Our bank will sell a 19.99 percent stake to Intesa Sampaolo at 2.6 yuan per share, and we will sign the final deal (on Thursday)," Zhang Guanghong, president of Qingdao City Commercial Bank, said yesterday.

Italy's largest lender will spend 1.04 billion yuan for 400 million shares of the local bank, sources said.

"Local banks have been very active recently in introducing foreign strategic investors in cross-border mergers and acquisitions, and launching initial public offerings, because of more feasible operations systems and fewer burdens compared with national banks," said an official with the China Banking Regulatory Commission.

"As well, local governments are very willing to provide solid support in a bid to make use of foreign investment to boost local economies," he said.

It is reported that Bank of Nova Scotia, also known as Scotiabank, and International Finance Corp, the investment arm of the World Bank, intend to buy a combined 25 percent stake in Bank of Dalian, which is located in Dalian in Northeast China's Liaoning Province.

Hong Kong's Dah Sing Bank received approval in March to take 17 percent of Chongqing Commercial Bank as US private-equity firm Carlyle Group failed to obtain 7.99 percent in the Chongqing lender, the Chinese bank said.

Foreign investment in a Chinese bank is capped at 25 percent, with a single foreign investor allowed no more than a 20 percent stake.

Investors must have at least $10 billion in assets and two straight years of profits, and a capital adequacy ratio of more than 8 percent, according to the regulations.