Standard Chartered to create China bank
6th Sep 2005, 06:07 GMT
BEIJING (AP) - British bank Standard Chartered PLC on Tuesday announced plans to invest $123 million to help create a new Chinese bank, joining a wave of foreign investors looking for a share of China's banking industry. Standard Chartered said it would own 19.9 percent of China Bohai Bank, based in the eastern city of Tianjin. It said the founders are investing 5 billion yuan ($600 million) in the bank.