March 24 (Bloomberg) — Bank of China Ltd., the world’s third-largest lender by market value, received initial government approval for its delayed 236 million-euro ($322 million) investment in La Compagnie Financiere Edmond De Rothschild, two people with knowledge of the matter said.
March 24 (Bloomberg) — Bank of China Ltd., the world’s third-largest lender by market value, received initial government approval for its delayed 236 million-euro ($322 million) investment in La Compagnie Financiere Edmond De Rothschild, two people with knowledge of the matter said.
The purchase of a 20 percent stake in the Paris-based asset manager was endorsed by China’s State Council ahead of an April 1 deadline, the people said, declining to be identified because the matter is private. Bank of China expects to get a response from the government “very soon,” President Li Lihui said today.
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