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Acquirer :
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Xinjiang Hualing Industry and Trade (Group) Co., Ltd.
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Merging Company's Region :
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North America
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Deal Notes :
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Xinjiang Hualing Industry and Trade (Group) Co., Ltd. has acquired a 90 percent equity stake of JSC BasisBank from the European Bank for Reconstruction and Development, Chairman of the bank’s supervisory board Zurab Tsikhistavi and its other shareholders. While the amount of the acquisition remains undisclosed, the Chinese company is known to spend about USD 100 million on it in the near future.
Zhang Jun, Deputy General Manager of the Hualing Group, says that they acquired an equity stake in the bank because they liked how it operated and its attitude towards customers. Jun claims that they will invest additional capital to strengthen and promote the bank’s sustainable growth and development as it continues on its current path of development.
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