IFC transfers shares of NCCP to BNP Paribas

The International Finance Corporation (IFC) has transferred 10 percent of the shares of China's Nanjing City Commercial Bank (NCCP) to France's BNP Paribas bank, IFC said Wednesday.

The deal enabled BNP Paribas to increase its stake in the Chinese bank to 19.2 percent, while IFC's share of Nanjing-based NCCP decreased to 5 percent from 15 percent, according to a press release by IFC.

The deal will give NCCP an opportunity to assimilate BNP Paribas's experience and technology, said an official from IFC.

NCCP will establish close cooperation with BNP Paribas in suchfields as retail banking, fixed-income transactions, consumer financing, wealth management, risk control and information technology, making NCCP more competitive.

The IFC has invested a total of 2 billion US dollars in China's 100 private enterprises since 1985.

Source: Xinhua