Spain's La Caixa increases stake in Hong Kong bank

"Spain's La Caixa increases stake in Hong Kong bank | AboutHK.Com - More Information About HK"

Criteria CaixaCorp said Wednesday it has agreed to pay euro331 million ($478 million) to boost its stake in Hong Kong-based Bank of East Asia to 14.99 percent.

Criteria is the investment arm of savings bank La Caixa, one of Spain's largest financial institutions. Until now its stake in BEA was 9.81 percent.

The transaction comes under a June agreement that allows Criteria to raise its stake to a maximum of 20 percent.

Criteria first entered the Hong Kong bank's capital in 2007.