BOCHK Agrees to Sell Stake in Chiyu Bank for HK$7.69 billion

(Beijing) — The Bank of China Hong Kong Holdings Ltd. (BOCHK) has agreed to sell its 70.49% stake in Chiyu Bank for HK$7.69 billion ($991 million) in a bid to shake up its business operations.

BOCHK is selling its stake in the Hong Kong lender to Xiamen International Investment Ltd., a unit of Xiamen International Bank, and the Committee of Jimei Schools.