StanChart raises stake in Asia Commercial
British-based Standard Chartered, through unit Standard Chartered Bank (Hong Kong), has agreed to buy from International Finance Corp 6.16 per cent of Asia Commercial Bank, lifting its stake to 15 per cent, according to the bank's announcement on the stock exchange website last night. Standard Chartered also agreed to buy 7.1 per cent of the Vietnam lender's convertible bonds, bringing the total convertible bond holding to 15.86 per cent. The deals require regulatory approval. At the end of last year, Asia Commercial's gross assets were US$5.4 billion.