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    Industrial and Commercial Bank of China (ICBC) made a HK$4.55 billion (US$583 million) acquisition of a controlling interest in Seng Heng Bank of Macau…

    Industrial and Commercial Bank of China (ICBC) made a HK$4.55 billion (US$583 million) acquisition of a controlling interest in Seng Heng Bank of Macau from Sociedade de Tourismo e Diversões de Macao, one of the largest business groups in Macau. The deal also involves a stake sale by Patrick Huen, Seng Heng's chief executive.

    ICBC will hold 79.9333% of Seng Heng Bank upon completion of the deal, which is subject to approval from ICBC shareholders, the China Banking Regulatory Commission and the Monetary Authority of Macau.

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