China Construction Bank tipped as one of three bidders in potential $2b deal
Banking and insurance group Asia Financial Holdings, controlled by the family of Robin Chan Yau-hing, is selling Asia Commercial Bank, which is valued at about $2 billion.
Asia Financial has set a December 31 deadline for expressions of interest. Three bids, including one from a mainland lender and another from Taiwan, have been received.
JP Morgan had been hired as financial adviser for the deal but Asia Financial, whose president is Robin Chan's son Bernard Chan, had not set an indicative price, sources told the South China Morning Post yesterday.
Some players have suggested China Construction Bank Corp is a potential bidder. The bank's spokesman could not be reached for comment.
Ernesto Ng Tang-fai, an executive director at Asia Commercial, declined to say whether the bank had been put up for sale. Sources said it had been but stressed it did not mean a business contraction.
