Bear Stearns' suitor set for largest Chinese acquisition overseas

Citic Bank is bidding for a stake in US investment bank Bear Stearns in a deal that what would outstrip the biggest foreign acquisition by a Chinese bank by at least $500m (€353bn).

Jiang Dinghzhi, vice chairman of the China Banking Regulatory Commission, said at a conference on Tuesday that Citic was one of the banks vying to buy a 20% stake in Bear Stearns.

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