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CITIC International Financial Holdings (CIFH), the financial flagship of CITIC Group outside China's mainland, plans to acquire a stake in China CITIC Bank.

 

The looming deal, experts say, is a prelude of the integration of Beijing-based CITIC Bank and Hong Kong-based CITIC Ka Wah Bank, a wholly owned subsidiary of CIFH.

 

CIFH is "in detailed discussions and negotiations" with its parent company, according to its statement to the Hong Kong Exchange and Clearing Limited on Friday.

 

The two companies will reach an agreement "shortly," the statement said, without disclosing details of the deal.

 

"The cooperation will help CITIC bank explore the international market, and on the other hand, support CITIC Ka Wah Bank to tap into the mainland business," said a China Securities analyst who wanted to remain unnamed.

 

CIFH shares gained 2.2 percent to HK$3.475 before trading ended Friday. The company's stock surged almost 21 percent this year, outperforming the 5.7 percent gain in the benchmark Hang Seng Index.

 

CITIC Bank, also a wholly owned subsidiary of CITIC Group, made 6.3 billion yuan (US$781.6 million) in profit last year, increasing 27.19 percent year-on-year.

 

At the end of 2005, CITIC Group, a major State-owned investment corporation, injected 8.6 billion yuan (US$1.07 billion) into the subsidiary bank and made the bank's capital adequacy rate jump from 5.9 percent to 8.18 percent, exceeding the industry watchdog's baseline for joint-stock banks.

 

The bank is strengthening its personal banking business by being more focused on credit card business and VIP wealth management.

 

"We are striving to make personal banking account for 20 percent of our business," Chen Xiaoxian, president of CITIC Bank.

 

The average for China's commercial banks hovers around 10 percent.

 

(China Daily March 28, 2006)