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Reply #48: China Development Bank inks pact with global buyout [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 08:57 AM
Response to Reply #21
48. China Development Bank inks pact with global buyout
http://uk.reuters.com/article/2011/12/06/us-permira-cdb...

Reuters) - China's banking powerhouse, China Development Bank Corp (CDB), signaled its global ambitions on Tuesday as it launched an overseas investment platform and signed strategic agreements with global private equity funds KKR (KKR.N), Permira and TPG Capital TPG.UL.

China's state-owned CDB CHDB.UL, which is transforming into a commercial lender from a government-focused bank, has been stepping up investment in domestic funds as well as in several Sino-foreign funds aimed at facilitating cross-border investment.

The move reflects CDB's ambition to become a globally competitive institution, as well as Beijing's desire to fund overseas expansion by Chinese companies.

"Hong Kong-based CDB International will participate in direct investment and asset management, making use of the CDB brand and government resources to help Chinese companies invest overseas," CDB said in a statement issued after announcing the tie-ups.
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