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ICBC grants huge loans to Shanghai Bailian

By Xu Shenglan (chinadaily.com.cn)
Updated: 2009-02-20 16:18

Industrial and Commercial Bank of China (ICBC) will offer a 400 million yuan ($58.6 million) merger and acquisition (M&A) loan to help Shanghai Bailian Group buy into the Lianhua Supermarket chain.

The Shanghai branch of the Beijing-based bank issued the loan, which was also ICBC's first for M&A activities.

The loan is expected to help Bailian acquire a subsidiary of Shanghai Industrial Investment (Holdings) Co in order to gain a 21.17-percent stake in Lianhua Supermarket, which has over 3,800 outlets across China. With this deal, Bailian will become Lianhua's largest shareholder and its controlling shareholder.