BOC Hong Kong Holdings is weighing a sale of its $6bn subsidiary Nanyang Commercial Bank (NCB).
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According to undisclosed sources, one potential buyer interested in NCB is China Cinda Asset Management.
The sales process is expected to be run by BOC Hong Kong’s investment banking arm, with another foreign bank reportedly expected to be appointed to assist with the sales process.
BOC Hong Kong was formed in 2001 through the merger of 10 of the 12 businesses of Bank of China group. Nanyang Commercial Bank operates as a separate entity given its China focus.
Nanyang has 42 branches in Hong Kong and 14 in China at the end of 2013.
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