News outlets have reported today that China Citic Bank Corporation denied media reports saying it is bidding for a stake in the U.S. investment banking and securities firm Bear Stearns.
Reports on Tuesday said China Citic Bank was bidding for part of Bear Stearns, which was hard hit by the sub-prime market crisis in the U.S.
Chairman Guo Shuqing dismissed talk yesterday, Reuters reports. “We are a commercial bank, and commercial banking is our main business,” Guo says. “The institution you just named, according to my understanding, is an investment bank. Currently we have no plans.”
Bear Stearns Chief Executive James Cayne said earlier this month it would consider selling a stake to an investor from China or the Middle East, Reuters reports.