The Bank of China buys 30% of the Swiss HFM
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August 24th, 2008
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The British branch of the Bank of China (BDC) bought 30% of the Inheritance Fund Management ITS (HFM) of Switzerland for a value of 8.7 millions of dollars, confirmed Wednesday the BDC.
This purchase, approved by the industrial controllers of United Kingdom and Switzerland, aims to establish abroad a platform of the services deprived of the BDC, one of the most important commercial banks of China.
"We are attracted by the rich experience of the HFM concerning management of fund, its mature products of investment and its situation favorable to Geneva", declared Wang Zhaowen, spokesman of the BDC.
The British branch of the BDC foresaw to carry its involvement to 70% of the capital while buying new actions.
The HFM, founded in 2002 in Geneva, operates five funds currently for a value of 362 millions dollars. The Chinese fund represents half of it.
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