China Trade Information

Last month, China Development Bank (CDB) has finalized a deal with United Bank for Africa, one of Nigeria’s largest banks, last month, according to sources.

This transaction will expand China Development Bank’s capability of providing financing services for the infrastructure projects in Africa. Industrial and Commercial Bank of China (ICBC)<601398><1398>, one of the Big Four Chinese state-owned bank, also announced last week that it had spent US$5.46 billion in  acquiring 20% stake of the South African Standard Bank.

Tony Elumelu, CEO of United Bank for Africa, said, “The partnership will provides us with almost unlimited funds to implement projects.” He hoped that a financing agreement over a power project could be reached by the end of March 2008, which will help solve the long-time electricity shortage in Nigeria. But CDB did not make any comments over the deal.

According to the agreement, CDB will send staff to station in the headquarter of United Bank for Africa, and provide financial services in West Africa.

Listed in Nigeria Stock Exchange, United Bank for Africa hopes to expand its scope of business to as many as 12 African countries next year. The bank’s assets totaled about US$8 billion.

Tags: CDB, ICBC, Stock

• Zhongjin Gold’s shares go-ahead (0)
• World’s biggest bank poised for more expansion (0)
• Voluntary info release urged (0)
• Ups and downs of shares tax since 1990 (0)
• Unionpay, OCBC Bank launch real-time remittance service (0)
• Understanding the changes in the management of China’s foreign assets (1)
• UAE central bank grants license to ICBC (0)
• TSEC head to expand capital market (0)