Companies
RBS gets Chinese approval for Suzhou stake
By Mark Roberts
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Posted 27 June 2010 @ 10:22 am GMT
Chinese regulators have approved Royal Bank of Scotland's (RBS) move to buy an almost twenty per cent stake in Suzhou Trust, sources with direct knowledge of the situation say.
Porsche to buy controlling stake of VolkswagenAccording to Reuters, the sources, who are not authorised to speak to the media, said that the Chinese banking regulator approved the deal at the end of May and said that an official joint announcement would probably be made in the next few weeks by RBS and Suzhou Trust.
Suzhou Trust is to issue new shares to RBS, who will own almost twenty per cent of the company's share capital.
This article is copyrighted by the International Business Times.
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