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China : CHINA BANK secures MB approval on PLANTERSBANK acquisition

June 7, 2014

China Banking Corp. secured the approval of the Monetary Board to acquire 84.77% up to 100% of the outstanding subscribed capital stock of niche lender Planters Development Bank.

China Bank said it obtained MB s approval to acquire about 84.77% of Plantersbank,  and  eventually  the other 13.59% of  the outstanding capital stock, by way of a voluntary tender offer.

It said, The same terms and conditions as indicated in the Share Purchase Agreement will be applied to the remaining shares.

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Source: TendersInfo (India)

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