Criteria CaixaCorp said Wednesday it has agreed to pay euro331 million ($478 million) to increase its stake in Bank of East Asia to 14.99 percent, according to Associated Press.
Criteria, the investment division of Spanish savings bank La Caixa, previously had a stake in the Hong-Kong based BEA at 9.81 percent. La Caixa is one of Spain's largest financial institutions.
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The transaction comes under a June agreement that allows Criteria to raise its stake to a maximum of 20 percent.
Criteria first bought into BEA’s capital in 2007.
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