CEFCChina Energy Co. Ltd. will increase its holding in J&T Finance Group to 50%from about 10%, the latter company said March 30, adding that the deal ispending the approval of relevant regulatory authorities.
The twofirms also signed a strategic partnership agreement, under which they plan toprovide retail banking services in central and eastern Europe. , controlled byJ&T Finance, will also launch a branch in China.
J&TFinance also said it signed a cooperation agreement with to invest€800 million in various projects.
J&TFinance further agreed to set up a €5 billion investment fund with China'sPing An Bank Co. Ltd.to invest in the financial, energy and industry sectors, Reuters reported March30, citing the Czech president's office. About €500 million will be injectedinto the fund in 2016, with a further €4.5 billion to be provided by 2020.