China Construction Bank, one of the ‘big four’ lenders of China, is set to sell 27 community banks to Bank of China and Temasek Holdings unit Fullerton Financial Holdings (FFH) for S$321.3m ($235.15m).
The public listing and auctioning process of the assets were facilitated through the Beijing Financial Assets Exchange.
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The acquisition is subject to regulatory approval and other closing conditions.
Since 2011, Bank of China and FFH have been engaged in building community bank portfolio under BOC Fullerton Community Bank (BOCF) brand.
The partnership utilises Bank of China’s branding and capital resources along with FFH’s SME and micro-financing business models to develop community bank strength.
Currently, the BOCF brand includes 100 community banks with 119 branches as well as 297 rural financing service stations.
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By GlobalDataFollowing the completion of the acquisition, the group will include 128 community banks.
FFH CEO Gan Chee Yen was quoted by The Straits Times as saying: “Together with our acquisition in 2017 of 15 community banks from China Development Bank, it further demonstrates FFH’s continuing commitment and ability to use our successful SME and micro-financing business models to help in the development of community banking in China.”
Headquartered in Singapore, FFH had total assets of $25.6bn as of 31 December 2017.
