CHINA Merchants China Direct Investments has paid US$8.57 million for 19 million shares of China Merchants Bank, said the company. The shares accounted for slightly less than two per cent of the Chinese bank's enlarged share capital which issued a total of 450 million shares for subscription.

China Merchants China Direct Investment said the bank would make use of the proceeds for expansion of its branch network and business, development of its headquarters in Shenzhen and for general working capital.