Sunday, China CITIC Bank Corporation said that it has agreed to acquire a 70.32% interest in CITIC International Financial Holdings Limited or CIFH for HK$13.56 billion, in cash, from Gloryshare Investments, a wholly owned subsidiary of CITIC Group.
Gloryshare Investments, and BBVA (BBV) wholly own CIFH that went private in 2008. Gloryshare Investments and BBVA currently own 70.32% and 29.68% of the issued share capital of CIFH, respectively.
The transaction is subject to all regulatory approvals and the passing of a resolution by the Independent shareholders of the China CITIC Bank approving the CIFH acquisition and the entering into of the share purchase agreement. Subject to the satisfaction of the conditions, closing is expected occur in or around October 2009.
The Board believes that the proposed CIFH Acquisition would enable the Bank to expand its branch network to international financial centers and increase synergies and enhance overall competitiveness in he banking market.
As at 31 December 2008, the net assets attributable to the shareholders of CIFH were about HK$38.23 billion. CIFH has undergone a capital reduction in the total amount of HK$15.63 billion. CIFH has also undergone a distribution payment for cash in the total amount of HK$9.12 billion to Gloryshare Investments and BBVA on a prorata basis. The capital reduction and distribution payment were completed on 30 April 2009.
China CITIC said it does not require the consent of BBVA for the completion of the deal.
PricewaterhouseCoopers Corporate Finance Limited has been appointed as the financial adviser to the Bank in connection with the Proposed CIFH Acquisition.
BBV rose 0.89% or 7.77% and closed Friday's regular trading session at $12.32. After ours, BBV declined $0.18 or 1.42% and traded at $12.17.
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