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ABN Amro increases its stake in Chinese JV

Dutch bank ABN Amro has increased its stake in its Chinese fund management joint venture to the regulatory maximum of 49% and has taken on a new local partner, the Tianjin Municipal Government investment arm Tianjin TEDA Holdings.

<p>Tianjin TEDA Holdings, though its subsidiary Northern International Trust & Investment Co Ltd (Northern Trust) bought a 51% stake in the joint venture from Xiangcai Securities Co Ltd, which formerly held 67% in the joint venture. ABN Amro then boosted its own stake by acquiring the remaining 16% from Xiangcai.<br /><br />The joint venture has been renamed ABN Amro TEDA Fund Management Co Ltd reflecting the sale. We&#0039;re delighted with our partnership with Northern Trust and Tianjin TEDA.<br /><br />The combination of their strong local network and our international network and fund management expertise will help this joint venture to take another great leap forward, said Alex Ng, Greater China CEO of ABN Amro asset management.<br /><br />ABN Amro did not reveal any financial details relating to the deal.</p>