CCB, Santander to Set Up 3.5 Billion Yuan Rural Joint Venture

China Construction Bank Corp.’s board has adjusted a plan to set up a rural joint venture in China with Banco Santander SA, the bank said in a statement today to the Hong Kong stock exchange.

The venture will have an initial investment of 3.5 billion yuan ($530 million) and CCB will hold 80.1 percent, according to the statement. Investment in the venture will rise by an additional 2.5 billion yuan in its second year, it said.