BNP Paribas plans to increase its stake in Bank of Nanjing to as much as 20pc

BNP Paribas, France's biggest lender, plans to increase its stake in Bank of Nanjing to as much as 20 per cent as Chinese lenders' profits defy the global economic slowdown and rise to a record.

The French bank would buy the shares in the secondary market to boost its holding from about 15 per cent to closer to the maximum allowed under Chinese law, China chief executive officer Clarence T'ao said. A 5 per cent stake would cost about US$200 million at Bank of Nanjing's current share price.

via Business feed http://www.scmp.com/business/banking-finance/article/1104687/bnp-paribas-plans-increase-its-stake-bank-nanjing-much-20pc