The courtship between Chinese banks and foreign counterparts keen on a stake is becoming increasingly open, with several mainland lenders revealing their suitors' interest.
China's only private bank, China Minsheng Bank, is the latest lender to admit it is talking with foreign banks over a possible stake sale.
Minsheng vice-president Wei Shenghong yesterday revealed that the World Bank's financing arm, International Finance Corp (IFC), plans to buy a 2 per cent stake in Minsheng for US$25 million, with the intention of raising it to 5 per cent in future.
'We are having wider talks with foreign investors, and Citibank and HSBC are among those we are considering,' Reuters quoted Mr Wei as saying.
Last week, news leaked of both Citibank and HSBC being in talks with both Beijing City Commercial Bank and Citic Industrial Bank.
Separately, Singaporean banking giant United Overseas Bank (UOB) admitted to being courted by mainland banks.