Greater China

SIPG to spend RMB1.65bn on bank shares

Shanghai: Shanghai International Port Group (SIPG) announced that it plans to spend RMB1.65bn to acquire 100m shares of Bank of Shanghai.

SIPG said the transaction will bring stable investment return on the long term and help diversify its business.

SIPG currently holds 6.34% equity in Bank of Shanghai and is the third largest shareholder of the bank. [17/10/14]

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