The Industrial and Commercial Bank of China (ICBC) is reportedly planning a bid for Pioneer Investments, the fund management arm of Italian bank Unicredit.
According to a report published by British newspaper The Sunday Times, the Chinese bank has not made a formal offer but has communicated its interest to the asset manager.
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ICBC could pay up to 2 billion (US$2.76 billion) for Pioneer, the report added.
As of December 2013, Pioneer Investments managed funds worth 174 billion.
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