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China Construction Bank to buy a European bank with US$15 bln

Sep. 17, 2012 (China Knowledge) - China Construction Bank Corp or CCB<601939><0939>, one of the country's Big Four state-owned banks, has announced that it plans to acquire a bank in Europe with US$15 billion, sources reported.

Wang Hongzhang, CEO of CCB, said that the bank hopes to buyout a bank or to buy 30% to 50% stake in a large Europe bank.

The CEO added that banks from Britain, Germany and France are the most attractive.

In the first half of this year, China Construction Bank realized RMB 106.49 billion in net profit, reflecting a YoY increase of 14.57%.

As of the end of June, CCB had RMB 13.5 trillion in total assets.

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