RETAIL BANKING | Tony Chua, China

BoCom favoured winner in Shanghai Securities takeover bidding

The lender seen to outclass five rivals in acquiring the company’s 66.67% stake.

Bank of Communications Co Ltd (BoCom) is the likely winner of bidding for a controlling stake in mid-sized Shanghai Securities, the China Business News reported on Monday, citing unidentified sources.

Six companies, including BoComm and China Mobile Ltd , had submitted bids for the 66.67 percent stake, earlier media reports said.

Shanghai International Group, the state parent of Shanghai Securities, is required to cede control of one of its two brokerage units to comply with regulatory requirements.

Shanghai International also controls Shanghai-headquartered Guotai Junan Securities, one of the largest brokerages in the country.

View the full story in Reuters.

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