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Chinese banks allowed to finance M&As

(chinadaily.com.cn)
Updated: 2008-12-10 16:26

The China Banking Regulatory Commission (CBRC) has amended regulations to allow qualified banks to finance mergers and acquisitions (M&As).

Related readings:  Banks to increase lending, but keep eye on risks  Finance: Central bank gets ready to boost liquidity  Banks to suffer from export, housing slump  Chinese banks gain foreign bank deposits

This is the first time banks in China can offer loans that will be used for M&As for all domestic enterprises. The latest amendment has lifted a ban since 1996 on such loans.

As one of the financial measures to boost economic growth, the amendment is aimed at bringing new opportunities for restructuring in many industries hit by the global economic downturn.

An unnamed general manager from a logistics company told the National Business Daily that his company has been looking for funding to help finance its acquisition plan. "We will study the CBRC's latest move very carefully and try to obtain some loans for our projects," the manager said.