*DJ ICBC: Board Approves Plan To Take Unit ICBC (Asia) Private

(MORE TO FOLLOW) Dow Jones Newswires

July 28, 2010 20:01 ET (00:01 GMT)

*DJ ICBC: Details Of Plan Subject To Review By Authorities

(MORE TO FOLLOW) Dow Jones Newswires

July 28, 2010 20:04 ET (00:04 GMT)

DJ ICBC: Board Approves Plan To Take Unit ICBC (Asia) Private

HONG KONG (Dow Jones)--Industrial & Commercial Bank of China Ltd. (1398.HK) said Wednesday its board of directors approved a plan to take Hong Kong-listed unit Industrial & Commercial Bank of China (Asia) Ltd. (0349.HK) private.

The Chinese lender said in a statement that details of the proposal, which will comprise an offer solely in cash, are subject to the review of the "relevant authorities." It didn't provide any details in the statement.

ICBC owns 72.4% of ICBC (Asia), which has a market capitalization of HK$31.17 billion (US$4 billion).

Shares of ICBC (Asia), Hong Kong's sixth-largest lender by assets, were suspended on Tuesday pending an announcement in relation to price-sensitive information.

-By Yvonne Lee, Dow Jones Newswires; 852-2802-7002; yvonne.lee@dowjones.com

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(END) Dow Jones Newswires

July 28, 2010 20:21 ET (00:21 GMT)

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