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RBS seals 0.9bn stake in Bank of China

Royal Bank of Scotland and Bank of China have established an exclusive strategic partnership after 18 months of negotiations.

RBS will nominate a director to sit on the BoC’s board and will lead an investment of 10 per cent in BoC for 1.7bn. Of this, RBS itself will invest 0.9bn, with no plans to increase the stake.

RBS says the two banks will co-operate in areas such as corporate governance, risk management, financial management, human resources and information technology.

It will remain committed to investing in BoC for three years.

Merrill Lynch International advised RBS on this transaction.

RBS chairman Sir George Mathewson says: “The combination of Bank of China’s brand, distribution and customer base with RBS’s product and operational strengths and experience will be powerful in the Chinese market. We are excited by the potential of this partnership and look forward to working together in the years to come to realise it.”

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