CCB International, the investment arm of China Construction Bank, is nearing the launch of a $1bn private equity fund in Hong Kong that will invest in financial institutions, Reuters reports.
CCB International CEO Hu Zhanghong broke the news of the investment vehicle to a conference, saying that it intends to take a 15 per cent stake in Bank of Shanghai.
The bank is said to have already received investments from International Finance Corporation, HSBC and Shanghai Commercial Bank in Hong Kong.
CCBI has already launched a yuan-denominated private equity fund – a 2.6bn yuan ($380.8m) healthcare-focused vehicle.
In April, CCBI, alongside venture capital firms Legend Capital and Sequoia Capital China, invested 400m yuan ($58.6m) in Chinese sports products manufacturer Fujian Peak.
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