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Clifford Chance advises ADB on sale of stake in Bank of Hangzhou

8 December 2014

Clifford Chance advises ADB on sale of stake in Bank of Hangzhou

Leading international law firm Clifford Chance has Asian Development Bank (ADB) on the sale of its entire 3.95% stake in Bank of Hangzhou to China Life Insurance Company Limited, the largest commercial insurance group in China with assets exceeding 1 trillion RMB.

Bank of Hangzhou is the third largest non-listed city commercial bank in China. The sale was conducted through a competitive auction process and completed at the end of October 2014.

"We're delighted to have worked with ADB on this successful transaction," said Corporate partner Terence Foo who led on this deal. "We are continuing to see diversification of ownership interests in financial institutions in China."

Terence was supported on this transaction by senior associate Yan Yuan and associates Paul Tang and Adam Wang.