Mumbai: China''s state-run
CITIC Bank Corp Ltd is bidding for a stake in Bear Stearns Cos, one of Wall Street''s
five big independent brokerages, reports quoting a senior Chinese regulator said.
Bear Stearns, one
of the several institutions hardest hit by the US subprime mortgage crisis, said
earlier this month it would consider selling a stake to an investor from China
or the Middle East if the deal created value.
Dingzhi, vice-chairman of the China Banking Regulatory Commission, cited CITIC
Bank''s interest in buying into Bear Stearns as he listed Chinese banks'' acquisitions
and investments in overseas financial institutions.
foreign M&A of our banks is entering a new era and the pace of internationalisation
is accelerating," Jiang said at a financial forum during the five-yearly
Congress of the ruling Communist Party.
Stearns has been looking to expand its overseas focus, and a tie-up with CITIC,
China''s seventh-largest lender, could give it a big boost in the world''s fourth-biggest
Bank raised $5.4 billion in a Hong Kong and Shanghai initial public offering in
in Bear Stearns have dropped more than a quarter this year and trade at 1.18 times