BEIJING, Dec.28 (Xinhua) -- Nanjing Xinjiekou Department Store Co.,Ltd announced late Tuesday that its unit Fraser Financial Service Limited mulled to acquire 25.17 percent stake in UK’s Tandem Bank Limited for approximately 35 million pounds (about 43 million U.S. dollars).
Under the mulling stock subscription agreement, Fraser Financial Service planned to first subscribe 394,633 newly-issued shares with voting rights from Tandem Bank at 15.204 pounds per share, and then buy another 1,907,393 shares at 15.204 pounds per share when certain conditions meet.
Transaction would total about 6 million pounds and 29 million pounds, respectively, for the two subscriptions.
Fraser Financial Service is wholly-owned by Nanjing Xinjiekou Department Store’s subsidiary House of Fraser Global Retail Limited (HOF).
Tandem Bank is a newly-established on-line bank that had obtained banking license from the Bank of England.
The above deal, if proceeded, would be part of Tandem Bank’s capital raising.
Tandem Bank and HOF have quite over-lapped target customers and the deal could help HOF provide more comprehensive financial services to its customers, and facilitate Nanjing Xinjiekou Department Store to better explore its modern department business. Enditem (Edited by Niu Huizhe, niuhuizhe@xinhua.org)
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