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Principal Financial in Talks with CCB
2005-8-8 9:16:07
Principal Financial Group, one of the biggest U.S. pension services providers, was in advanced talks with China Construction Bank (CCB) to form a fund management joint venture, the Financial Times reported.

The newspaper, citing CCB sources, said the deal could be concluded in the next four weeks, giving Principal Financial a chance to win a share of China's savings pool, including US$2.5 trillion worth of deposits held by China¨s banks.

The third shareholder in the planned joint venture was believed to be China Huadian Corp., one of the country's biggest State-owned power companies, the paper said.

Foreign financial services companies which are seeking to operate in China are required to take minority stakes, of up to 49 percent, in a local joint venture.

CCB declined to comment on the possible tie-up, but said it was hoping to have a fund management joint venture approved by September, the paper said.

The paper quoted its CCB sources as saying the company was "very close" to forming a joint venture with Principal Financial, but warned the deal had not yet been signed.

(Source: Shenzhen Daily/Agencies)

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