Fortis-Ping An: China help

Fortis’ Chinese big brother has come at a price. Ping An’s E1.8bn investment has placed the Belgo-Dutch bank on the list of Western lenders to receive support from Asian and Middle Eastern investors. By being a follower of fashion, it appears to have got worse terms. Unlike some earlier targets of Asian money, Fortis is giving away a board seat in return. Some banks earlier to get Asian investors, like Standard Chartered, have kept shareholders with far larger holdings off the board. Even Citig...