Korean media says ICBC has submitted bids to South Korea's Gwang-Ju Bank

The pace of global distribution of Chinese banks has become more pronounced this year, with ICBC as the biggest step forward. From April 21 this year, the offer to buy the Thai ACL Bank Volkswagen Limited about 97.24% of the shares, November 3 ICBC at a low price acquisition of the United States Fortis Securities fixed income clearing business, to lay the settlement business of ICBC in the US branch.　　Then ICBC will reach out to South Korea's financial markets. According to the South Korean media, ICBC on November 26 submitted a bid for LOI, a subsidiary of Sumitomo Financial Holding Corporation, the Bank of Gwang-ju.　　But for the news, ICBC related people said, do not know.　　South Korean media reported that the 42 anniversary of the establishment of the Bank of Gwang-Ju is this year, the privatization reform, and meet new strategic investors. It is understood that Gwang-Ju Bank was established in 1968, and in 1973 on the stock exchange listed transactions. In 2000, the capital adequacy ratio was plagued by the bankruptcy orders received from the Financial Supervision Institute.　　To stabilize the public mood, in 2002, the first financial holding company in South Korea--------------------------------------------------Hanguang Bank (　　South Korea's local capital, all north bank and ICBC, including some financial conglomerates and private equity funds, are vying for the bank of Gwang-ju, according to the report. According to relevant data, the Bank of Gwang-Ju, as a subsidiary of Sumitomo Financial Holding company, has an asset value of about $15.7 billion.　　In the first half of this year, Gwang-Ju Bank, capital adequacy ratio of 13.62%, non-performing loan ratio of 1.72%, net assets yield 16.63%. Although there is still controversy over whether or not the bank is wholly-owned, the privatization process will introduce new strategic investors.　　Just who shares, into how many shares, to how many price shares or unknown. The timetable for the sale of Gwang-Ju bank shows that the final buyer (short list) will be selected by December this year, with initial due diligence on the acquirers next January. The final bid will be selected as a preferred bidder next March, as well as detailed due diligence and negotiation.　　reported that it will be possible in the first half of next year, the South Korean Finance Committee to approve the process and complete the signing of the acquisition contract. The bid for ICBC, though not yet certain, will be sold to China by the big shareholder Savings Insurance Company, a government subsidiary. But the report quoted a head of the National Assets Management Commission of the South Korean financial commission as saying: "Although ICBC is a foreign bank, this will not affect the acquisition of the Bank of Gwang-ju."　　At the same time, South Korean media also said that ICBC in the merger, competitive. Statistics show that up to now, ICBC has set up 194 overseas branches in 27 countries and regions, and 1422 silver in 128 countries and regions.The row establishes a broker-line relationship. ICBC Chairman Jiang Jianqing has said that overseas mergers and acquisitions is not a rose garden but a battlefield, and the success of mergers and acquisitions mainly depends on the success of the integration after the merger. In the past ten years, ICBC has failed in about 10 mergers and acquisitions, according to his description.