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CITIC International Financial Holdings Ltd. said Wednesday its unit CITIC Ka Wah Bank had signed a deal to buy the Shenzhen- based China International Finance Company (Shenzhen) for US$896,733.32.

CITIC Ka Wah Bank is a wholly owned unit of CITIC International.

The Shenzhen-based China International Finance was the first sino-foreign joint venture finance company in China, and has four existing shareholders, each of whom holds 25%. It was established in 1986. None of the shareholders are connected with CITIC International, the company said.

CITIC International said the funding of the acquisition will be from the bank's internal resources.

China International provides foreign currency deposit and lending services to corporate customers in China.

It had an audited net asset value of US$2.65 million for the year to Dec. 31, 2002, and also recorded a loss of US$1.6 million net loss that year.

CITIC International Chief Executive Chang Zhenming said in the legal notice published Wednesday the agreement was a "first milestone" in the bank's efforts to expand into China.

The acquisition, he said, gives CITIC Ka Wah Bank a foreign currency license and immediate access to the foreign currency market in China. It also gives the bank first-mover advantage under the Closer Economic Partnership Arrangement signed between Hong Kong and China in late June.

"It gives us a valuable lead time in terms of securing a renminbi license for entering into the renminbi market," Chang said.

Under the terms of China's accession into the World Trade Organization (news - web sites), foreign banks will only be allowed to offer yuan or renminbi services to mainland Chinese citizens in 2006.

Through China International, CITIC Ka Wah Bank will offer foreign currency deposit and lending services in China, and also services such as mortgages, machinery and auto loans, personal loans, trade bills and term loans for working capital, CITIC International said.

The transaction is subject to the approval of the China Banking Regulatory Commission and other regulatory authorities in Hong Kong and China.

The deal is expected to be completed on the fifth day after a new business license is issued, Chang said, though he noted the agreement will be canceled if conditions stipulated in the agreement aren't met within 60 days. ?

-By Nisha Gopalan, Dow Jones Newswires; 852-2802-7002; nisha.gopalan@dowjones.com

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