BOC International, the investment banking arm of Bank of China, has acquired Hutchison CSFBdirect, a online retail brokerage joint venture between CSFB and Hutchison E-Commerce, a division of conglomerate Hutchison Whampoa, which is owned by billionaire Li Ka-shing. Financial terms were not disclosed. The deal is expected to close in early May. Bank of China is one of four giant state-owned banks.
CSFB Sells Online Brokerage to Bank of China
BOC International, the investment banking arm of Bank of China, has acquired Hutchison CSFBdirect, a online retail brokerage joint venture between CSFB and Hutchison E Commerce, a division of conglomerate Hutchison Whampoa, which is owned by billionaire Li Ka shing.