Clifford Chance has advised on the first conversion of a Sino-foreign joint venture bank to a wholly foreign-owned bank (WFOE Bank) in China.

CC's Beijing and Hong Kong offices advised BNP Paribas on its acquisition of the remaining 50% stake in International Bank of Paris and Shanghai (a joint venture bank between BNPP and Industrial and Commercial Bank of China), from ICBC.

Officially opened on 26 November 2003, the China established WFOE Bank has been renamed BNP Paribas (China) Limited.

Beijing-based partner Gao Peiji led the CC team on the deal, working with partner Carmen Kan and Hong Kong-based partner Cherry Chan.

Kan said: "With the changing regulatory framework for foreign-funded financial institutions in China, it was very exciting and challenging to be involved in this first conversion."

On 12 April last year, China enacted its first comprehensive piece of M&A legislation specifically governing acquisitions by foreign investors.