Global law firm Clifford Chance has advised BNP Paribas (“BNPP”) on the acquisition of the remaining 50% stake in International Bank of Paris and Shanghai (a joint venture bank between BNPP and Industrial and Commercial Bank of China (“ICBC”), from ICBC. This is the first deal that results in the conversion of a Sino-foreign joint venture bank to a wholly foreign-owned bank (“WFOE Bank”) in China.
The WFOE Bank, which is established in China, has been renamed BNP Paribas (China) Limited and officially opened on 26 November 2003.
Clifford Chance’s Beijing and Hong Kong offices advised BNPP. The team was led by Beijing-based partner Gao Peiji, working with partners Carmen Kan (Beijing) and Hong Kong-based partner Cherry Chan, and associate Yang TieCheng (Beijing).
Carmen Kan commented:
“With the changing regulatory framework for foreign-funded financial institutions in China, it was very exciting and challenging to be involved in this “first” conversion of a Sino-foreign joint venture bank to a wholly foreign-owned bank. Our firm is proud of our long history of working on groundbreaking transactions in China and we are honoured to have been able to advise BNPP on this landmark deal.”