CDB may acquire Stockfly in a bid to diversify

China Development Bank (CDB), a State-controlled lender mainly focusing on funding the nation's major infrastructure projects, might acquire Stockfly Securities as part of an effort to diversify into a financial conglomerate, local media reported.

Stockfly Securities, a mid-sized brokerage affiliated to China Aviation Industry Corp, said it planned to sell its 100 percent stake to "a major State-owned commercial lender with net assets not less than 300 billion yuan", for 1.15 billion yuan, according to separate statements the firm's five shareholders posted at Tianjin Property Rights Exchange.

The move is a clear implication confirming earlier rumors that China Development Bank was eyeing to buy into the Beijing-based brokerage, as it is deemed to be the only prospective buyer possessing the requirement in the statement for sale.