Fortis, part of the group that bought ABN Amro Holding NV last year, is selling a stake in a Chinese fund manager that accompanied the purchase, two people familiar with the matter said yesterday.
Belgium's biggest financial services company has arranged an auction to sell its 49-percent holding in ABN Amro Teda Fund Management Co for up to US$250 million, said the sources, who asked to remain anonymous. Fortis must sell the stake to maintain its five-year partnership with Haitong Securities Co, as China prohibits foreign investors owning more than one asset-management firm.
(Shanghai Daily June 19, 2008)
