Temasek subsidiary and Bank of China jointly acquire 27 community banks in $321 mil deal

(Aug 28): Fullerton Financial Holdings (FFH), a portfolio company of Singapore investment company Temasek, and Bank of China (BOC) on Tuesday jointly acquired 27 community banks from China Construction Bank Co (CCB).

The deal is valued at RMB1.61 billion ($321 million), setting a new record in terms of the number of community banks being transferred in a single transaction.

Since 2011, FFH has jointly invested in the building of community banks in China with BOC. The partnership leverages on BOC’s branding and capital resources and FFH’s SME and micro-financing business models to produce the BOC Fullerton Community Bank (BOCF) of community banks.

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