China bank in talks to buy stake in Nigerian bank
Wednesday, 30 January 2008

Agence France-Presse . Shanghai

China Development bank is in talks to buy a stake in United Bank for Africa, located in oil-rich Nigeria, for at least five billion dollars, state media reported Monday.

‘China Development Bank hopes to have a say in the bank but it is unlikely to obtain a controlling stake,’ the Economic Observer newspaper reported, citing an unnamed source close to the bank.

The source said the two banks have yet to reach agreement on the make-up of the management after the deal, as the Chinese policy lender wanted an overhaul of the African bank according to its own standards to reduce risks in lending.

A spokeswoman of China Development Bank said she could not provide immediate comment when contacted by AFP.

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