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China Merchants Bank buys 60.5 pct of Tibet Trust

September 23, 2008

BEIJING, Sept , 22, 2008 (Reuters) - China Merchants Bank (3968.HK:
Quote, Profile, Research, Stock Buzz) (600036.SS: Quote, Profile,
Research, Stock Buzz), the country's sixth-largest lender, has signed an
agreement to buy 60.5 percent of Trust Investment Corp of Tibet from the
region's government.

The bank, in an emailed statement on Monday, did not disclose financial
details.

It said the purchase was aimed at diversifying its sources of revenue.

Net fee and commission income, including commissions from trust
operations, rose 53.7 percent to 4.1 billion yuan ($600 million) in the
first half of 2008 and accounted for 14 percent of the bank's operating
net income.

Shares of the bank surged 9.99 percent on Monday, nearing the daily
limit and outperforming a 7.77 percent rise in the main Shanghai index
.SSEC, which rallied for a second trading day on government plans
announced last Thursday to prop up share prices. ($1=6.834 Yuan)
(Reporting by Langi Chiang; Editing by Alan Wheatley)
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