Power firm gets bank stake

Guodian Power Development Co (GPDC), a publicly listed company, said it will buy a 20 percent stake in Shijiazhuang City Commercial Bank.

GPDC, a subsidiary of China Guodian Corporation (CGC), one of the country's top three power generating firms, will acquire the bank's 313 million shares for 1.2 yuan apiece.

GPDC will become the bank's largest shareholder with the 375 million yuan capital investment, it said yesterday.