Related News
Home » Business » Manufacturing
Baosteel to buy rural bank stake
Print Edition
SHANGHAI-LISTED Baoshan Iron & Steel Co will acquire a 10 percent stake in Shanghai Rural Commercial Bank Co for around 4.6 billion yuan (US$699 million) as it diversifies into banking, the steel producer said yesterday.
It will buy the stake from Australia and New Zealand Banking Corp, and Baosteel (Baoshan Iron & Steel Co’s parent) hopes the investment will help it “win more profit in non-steel business,” according to its statement to the Shanghai Stock Exchange. The stake is worth around 4.6 billion yuan.
Baosteel said, in a recent interview, that the planned investment is worthwhile.
SRCB, which plans to list by mid-2019, reaped 5.9 billion in net profit last year, up 5 percent from a year earlier. SRCB, a government-backed bank with a registered capital of 5 billion yuan, has nearly 350 outlets.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
