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BRIEF-Bank of China Hong Kong to dispose stake in Chiyu Bank for HK$7.69 bln
December 22, 2016 / 1:13 PM / a year ago

BRIEF-Bank of China Hong Kong to dispose stake in Chiyu Bank for HK$7.69 bln

Dec 22 (Reuters) - Bank of China Hong Kong:

* Proposed disposal of interests in Chiyu Bank

* Agreement for proposed disposal of total of 2.1 million ordinary shares of Chiyu Bank by BOCHK for a total consideration of HK$7.69 bln

* Unit and indirect 66.06 pct owned unit of Bank Of China entered into sale and purchase agreement with unit of Xiamen International Investment (XIL) and Committee of Jimei Schools

* Performance bond in amount of not more than HK$350 million will be provided to BOCHK pursuant to terms of sale and purchase agreement

* To facilitate a smooth transition, BOCHK, Chiyu Bank and XIL entered into a transitional services agreement on 22 December 22, 2016

* Resultant proceeds from proposed disposal will facilitate development of BOCHK’s business in ASEAN region Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +1 646 223 8780; )

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