Wednesday, July 30, 2008

Bank of China's UK unit buys 30% of Swiss fund group

The Bank of China said on Wednesday that its British subsidiary paid 9 million Swiss francs (8.7 million U.S. dollars) for a 30 percent stake in Switzerland's Heritage Fund Management (HFM).

The purchase, which has been approved by British and Swiss regulators, aims to help the bank's overseas private banking business.

HFM, established in Geneva in 2002, manages five funds valued at 362 million U.S. dollars. China-oriented funds account for half of the total.

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