China Minsheng Banking Corp may further increase its stake in UCBH Holidngs, the biggest bank serving the Chinese community in the United States, a company executive said on Thursday.
"If the price is appropriate, we will invest more in UCBH," Dong Wenbiao, chairm of Minsheng told China Daily on the sidelines of the annual session of the Chinese People's Political Consultative Conference (CPPCC). "But we have no other overseas M&A plans this year."
In December 2008, Minsheng has received the approval from the State Administration of Foreign Exchange to increase its stake in UCBH to 9.9 percent from 4.9 percent, for 204 million yuan (US$29.82 million).
(China Daily March 5, 2009)
