Published: 6:04pm, 14 Jul, 2015 Updated: 6:04pm, 14 Jul, 2015
BOC Hong Kong, which is controlled by Bank of China, has confirmed it is seeking buyers for its HKD unit for Nanyang Commercial Bank 68bn ($8.8bn), as part of its strategy to focus more on business in Southeast Asia. A potential suitor or its controlling shareholder must be a financial institution with Chinese government ownership of more than 50%, with bidding expected to close on 25th August. Nanyang Commercial had its rating cut by Moody's a few months ago due to concern over rising bad-loan risks from its rapid mainland expansion.