Friday, October 11, 200
MONEY & BANKING
Newbridge Cap Takes Over Chinese Bank
Shanghai, October 10: A private US investment firm, Newbridge Capital, has become the first foreign firm to run a Chinese bank by taking effective control of Shenzhen Development Bank, sources close to the bank said on Thursday.
The medium-sized bank said in a statement it had appointed a "transitional management committee" of eight officials from Newbridge, which is in negotiations with Shenzhen Bank's shareholders on buying a strategic stake. "Newbridge has taken over control," said one source close to the bank who declined to be identified.
"This is a committee that the management of the entire bank reports to and this committee makes every decision for the bank. It's fully authorised to have full control of the bank," he said. (Reuters)
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