Shenzhen Development Bank (SDB), controlled by Newbridge Capital, said the United States private buyout firm was in 'no rush' to sell its stake, even though earnings declined 77 per cent last year.
Frank Newman, chairman of the Shenzhen-listed lender, said yesterday Newbridge, which owns 17 per cent of the bank, was not ready for a stake sale.
'Sooner or later, they will sell the stake, since they also have fiduciary duties to investors,' he said. 'But there's no rush. When that time comes, the share sale will be undertaken in a responsible way.'
Mr Newman also denied the bank had held talks with China Development Bank (CDB), which reportedly planned to acquire a stake in the lender last month.
Market watchers had speculated CDB, the country's largest policy lender, would buy a controlling stake in SDB from Newbridge after its lock-up period ended in December.
Mr Newman said profit for the first quarter was 'clearly up' from the same period last year, despite pressure from lower interest margins.
