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Hang Seng takes biggest stake in Yantai lender

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-02-18 19:00

Hang Seng Bank on Tuesday announced the completion of an 800 million yuan ($116.96 million) share subscription that makes it the single largest shareholder in Yantai City Commercial Bank.

The transaction gives Hang Seng a 20 percent stake in the enlarged share capital of the Yantai bank. As a result, Hang Seng will have the right to nominate directors and make recommendations for various senior management positions at the mainland lender.