Clifford Chance has advised China CITIC Bank Corporation Limited (CNCB) on the purchase of the entire 29.68% stake from Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) of Citic International Financial Holdings Limited (CIFH) for HK$8.162 billion (US$1.05 billion). Upon completion of the sale, subject to obtaining regulatory approvals, CNCB will hold a 100% interest in CIFH and will become a wholly-owned subsidiary of CNCB.

CIFH is the investment holding arm of the CITIC Group outside of mainland China with interests in commercial banking and non-bank financial services. CNCB is one of the market leading national commercial banks in China and is listed on the Hong Kong stock exchange. BBVA holds a 9.9% stake in CNCB.

"We're delighted to have assisted China CITIC Bank on this strategic transaction," said Corporate partner Terence Foo who led on this deal. "It has been a busy year for M&A in the region, including in the FIG sector. We see this continuing over the next 12 months as both foreign and Chinese banks look to shore up capital to meet regulatory requirements."

Terence was assisted by senior associates Zhang Hong and Ian Yang and associate Janet Jiang.