CCB Launching $1 Billion Hong Kong Fund

SHANGHAI (Reuters) – CCB International (Holdings) Ltd, a wholly owned investment banking arm of China Construction Bank Corp (0939.HK) (601939.SS), is close to launching a $1 billion private equity fund in Hong Kong, CCB International CEO Hu Zhanghong told a conference on Wednesday.

The private equity fund is planning to take a 15 percent stake in Bank of Shanghai, Hu told reporters on the sidelines of the conference. HSBC (0005.HK) (HSBA.L) also holds a stake in unlisted Bank of Shanghai. (Reporting by Samuel Shen and Edmund Klamann; Editing by Jonathan Hopfner)