By Joanne Chiu
BOC Hong Kong (Holdings) Ltd. (2388.HK) has agreed to sell its stake in a small lender in Hong Kong for 7.69 billion Hong Kong dollars ($991.2 million), as it seeks to focus on its core businesses.
The Hong Kong-listed unit of state-owned Bank of China Ltd. (3988.HK) said after markets closed Thursday that it will sell its 70.49% stake, or a total of 2.11 million shares in Chiyu Banking Corp. to Xiamen International Bank Co. and Jimei Schools.
The deal is the bank's second major disposal in recent yearsafter an earlier move to sell unit Nanyang Commercial Bank to China Cinda Asset Management Co.(1359.HK). Incorporated in Hong Kong, Chiyu Bank has a network of 24 branches in the city and two branches and two sub-branches in mainland China.
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(END) Dow Jones Newswires
December 22, 2016 19:45 ET (00:45 GMT)
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