Industrial & Commercial Bank of China Ltd. has increased its holdings in its joint venture asset-management unit with Credit Suisse CS +1.07% to 80% from 55%, the unit said Saturday, MarketWatch reports.
ICBC Credit Suisse Asset Management Co. Ltd. said in a statement ICBC--the country's largest bank by assets--had acquired a 20% stake from China Ocean Shipping (Group) Co.--or COSCO Group--plus a 5% stake from Credit Suisse.
ICBC now holds 80% shares of the joint-venture while Credit Suisse has the remainder.
The statement didn't give financial terms on the deal, but Cosco Group said in 2009 that it planned to sell its 20% stake in ICBC Credit Suisse Asset Management for CNY258.20 million ($40.66 million) after it suffered losses amid falling shipping rates.
Set up in 2005, ICBC Credit Suisse Asset Management manages CNY81.4 billion (US$12.82 billion) in assets, it said.
ICBC Credit Suisse Asset Management Co. Ltd. said in a statement ICBC--the country's largest bank by assets--had acquired a 20% stake from China Ocean Shipping (Group) Co.--or COSCO Group--plus a 5% stake from Credit Suisse.
ICBC now holds 80% shares of the joint-venture while Credit Suisse has the remainder.
The statement didn't give financial terms on the deal, but Cosco Group said in 2009 that it planned to sell its 20% stake in ICBC Credit Suisse Asset Management for CNY258.20 million ($40.66 million) after it suffered losses amid falling shipping rates.
Set up in 2005, ICBC Credit Suisse Asset Management manages CNY81.4 billion (US$12.82 billion) in assets, it said.