Australia’s largest lender National Australia Bank (NAB) has made its first acquisition deal in China, according to the Financial Times. NAB will buy 20% stake in Union Trust and Investment Ltd (UTI), which is the maximum it could have bought under the China’s current regulations.
The sources close to the situation said that the price paid for the deal was less than A$50 million. But the two sides did not disclose information on specific terms of the deal.
UTC is a real estate investment trust company. NAB said the acquisition would help the bank to make a good use of UTC’s expertise in both real estate financing and fund distribution.
Before the deal, NAB has a representative office in Beijing, but it did not hold any shares in Asian banks.
