BEIJING: China's fifth biggest lender has agreed to sell up to a fifth of its shares to HSBC, a bank regulator said yesterday, expanding the global bank's footprint in a market hoarding US$1.3 trillion in savings.
The sale of such a stake, seen worth around US$1bil, would be the largest by a local bank to a foreign investor as Beijing overhauls a sector bogged down with more than US$200bil in sour debt, the weak link in the world's sixth largest economy.
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