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Central Huijin to take over Everbright Group

(XFN-Asia)
Updated: 2007-04-18 13:39

Central Huijin, an investment arm of the Chinese central bank, is expected to take control of China Everbright Group's banking unit - China Everbright Bank - via a capital injection, while Huijin's wholly-owned subsidiary Jianyin Investment Ltd will take over Everbright Group's other industrial assets, the 21st Century Business Herald reported.

Central Huijin will inject 20 billion yuan (US$2.59 billion) capital into Everbright Bank, to clear the way for the entry of foreign strategic investors and to allow it to make an initial public offering in Hong Kong and the domestic A-share market.

Jianyin Investment is also expected to take a controlling stake in Everbright Group's other industrial assets, which are mainly under its two Hong Kong-listed units - China Everbright Ltd and China Everbright International Ltd.