ICBC mulls bid for Pioneer to extend global reach in asset management
Chinese banks' global ambitions come as Euro lenders retreat from asset management business
Industrial and Commercial Bank of China is considering a bid for Pioneer Investments, one of Europe's biggest money managers, according to a person familiar with the matter.
Pioneer, owned by Italy's biggest bank by assets, UniCredit, managed €174 billion (HK$1.86 trillion) as of the end of last year.
British newspaper The Sunday Times previously reported that ICBC could pay as much as €2 billion for Pioneer.
Such as deal would mark the biggest-ever acquisition of a Western money manager by an Asian company.
There is more urgency for banks in China to accelerate global growth in response to a slowing market at home and as the country's leadership change precipitates more financial sector reforms, putting further pressure on profit margins.
It clearly would make a big difference to [ICBC's] credentials
The global ambitions also come at a time when European banks are retreating from the asset management business in a bid to repair crisis-battered balance sheets.