The CNY700 million deal was signed in Hong Kong last year and has now received approval from the government, reported Xinhua, citing anonymous sources from the Chongqing Commercial Bank.
The Hong Kong lender bought into the Chongqing bank with a price of CNY2.02 per share.
According to China Knowledge, Chongqing Commercial Bank has a network of 67 branches and 1,300 employees, with assets worth CNY33 billion in 2006. In addition, the group recorded a CNY500 million profit for 2006.
