China Minsheng Bank shareholder Orient Group is selling part of its 7.51 per cent stake to International Finance Corp (IFC), the World Bank's private finance arm. China Orient - a Shanghai-listed private conglomerate with interests in property, finance and construction materials - said it would sell 40.98 million non-tradeable shares for US$23.5 million, and net 55 million yuan (HK$51.55 million) on its original investment. This will give IFC a 1.22 per cent stake in Minsheng, China's only private bank. That means IFC is paying about 4.70 yuan a share for the non-tradeable shares in Minsheng. The bank's shares closed yesterday at 11.30 yuan. However, Orient emphasised that the transaction would only take effect after approval from the relevant mainland authorities. An executive with Orient's securities department said the firm had not held any talks concerning the disposal of its remaining 6.29 per cent in Minsheng. A number of foreign suitors, including Hang Seng Bank, have indicated their interest in taking a stake in Minsheng. Karin Finkelston, IFC's country manager for China & Mongolia, said: 'We think that by investing in Minsheng we can play a stronger role in the development of the financial sector, by helping support the first private bank in China.