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Pursuant to rules by the US regulators, it is impossible to let a foreign investor hold a majority stake in a local bank.
China Minsheng Banking board meeting has not yet reached on whether the bank will continue adding holding in the US partner, which was founded in 1974 and the largest US-based commercial lender mainly serving Chinese.
Media earlier reported that the Shanghai-listed bank planned to file an application, having a mind of lifting its holding in the US lender to at least 50% from current 9.9%.
This March, China Mingshen Banking Chairman Dong Wenbiao said that his bank would turn into the largest shareholder of the US lender via lifting its holding to about 19%.
Source: www.hexun.com (October 15, 2009)
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