CITIC Ka Wah obtains Chinese authorities approval to take over HKCB bank

CITIC Ka Wah Bank Ltd (0183) is poised to announce that it has obtained approval from Chinese authorities to take over HKCB Bank, the South China Morning Post cited market sources as saying. The source said China's top policy-making body has now endorsed the takeover. Wang Jun, chairman of CITIC Ka Wah Bank's parent China International Trust & Investment Corp was in Hong Kong last week to put the finishing touches to an agreement, the report said.

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