Bank of China's plan to buy a stake in a French private bank has collapsed after it tried to renegotiate the purchase price on the orders of the Chinese government.
La Compagnie Financière Edmond de Rothschild refused to sell a 20 per cent stake to the Chinese lender at a lower price than the €236m ($317m) it agreed with BoC amid much fanfare in September, the French company said yesterday.
BoC said the deal was abandoned because the bank did not receive approval from the Chinese banking regulator before a deadline of March 31, after the deadline had already been extended from December 31.
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