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Asia-PacificMay 2 2004

Banking alliances

In recent years, foreign banks have made many alliances with and investments in their Chinese counterparts.
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HSBC, Citibank, Hang Seng Bank, Citic Ka Wah Bank, as well as international aid donors such as the Asian Development Bank and the International Finance Corporation of the World Bank, have acquired minor stakes in mainland financial institutions, most of which are local banks.

Lately, such courtship has cooled down. Foreign bankers interviewed said that while they are still interested in making such investments, there is now no urgency to do so.

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