Switzerland's largest bank this week raised $835m by selling its 3.4bn shares in the Hong Kong-listed arm of Bank of China in a discounted institutional placing.
It acquired the 1.3 per cent stake for $500m in 2005, a year before it advised on the stock market listing of the mainland lender.
The move follows the expiry of a three-year lock-up period and dealmakers believe that it will herald similar divestments by foreign banks, which had rushed to take stakes in mainland lenders in 2005 and 2006. Many of these foreign lenders now need to repair their balance sheet following the financial crisis.
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