Industrial and Commercial Bank of China is expected to expand its share of a fund management joint venture with Credit Suisse in a sign of consolidation in the industry.
The move may bode ill for foreign groups in the fund management sector, the one part of China's mostly-closed financial system that has been relatively open to outside investors.
China Ocean Shipping Company (Cosco) surprised the market this month when it announced plans to auction off its 20 per cent stake in ICBC Credit Suisse, which has become highly profitable since its creation four years ago.
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