Stock News: OCBC to buy 12.2% of Ningbo Bank!

Oversea-Chinese Banking Corp Ltd (OCBC) has obtained regulatory approvals from both the Monetary Authority of Singapore and the China Banking Regulatory Commission to buy 12.2 pct of China's Ningbo Commercial Bank Co Ltd for 570 mln yuan, with the deal likely completed next month. OCBC will buy 250 mln new shares from Ningbo Commercial Bank at 2.28 yuan per share, making the Singapore lender Ningbo's second-largest shareholder, Ningbo said earlier. Ningbo had total assets of 42.1 bln yuan at the end of last year and was the second-largest city commercial bank in mainland China at the end of 2004, it said.