United Commercial Bank (UCBH Quote) was among few financial winners in a depressed Monday session as the sector stumbled on continued credit-crisis tremors.
Shares of the San Francisco bank leapt 8.3% on word that China Minsheng Banking agreed to take a 9.9% stake in United in a two-part deal that should close within 2008. The firms might further agree to boost Misheng's stake to 20% by mid-2009 through secondary-share purchases and primary share issuance, with the latter to represent a premium of up to 15% over the prior 90-day closing price. United shares added $1.53 to $19.90.
The NYSE Financial Sector Index, however, slid about 80 points, or 0.8%, to 9,630.64, as a number of its components were battered with analyst downgrades. ...
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