Chinese banks to dabble with international acquisitions

Chinese banks to dabble with international acquisitions

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Wang Hongzhang, the chairman of China Construction bank in the month of September said that he is prepared to spend up to US $15 billion on a major banking acquisition in Europe. If executed, the comments by Wang increases the chances of a Chinese bank using its cash rich status to take over one of the banking sector’s big names.

Wang said that some of the banking sectors in Europe have been put on sale and that now they are looking forward for the right choice. There are chances that Wang could even buy the troubled Royal Bank of Scotland, of which 82 percent is owned by the British Government with a market capitalization of $17 billion.