No one was surprised at the recent news that Bear Stearns was looking for an investor to buy up to 20 percent of the bank. No one should be all that surprised that China Citic Bank, owned by China Citic Group, is vying to be that investor.

According to the AP, Citic Group is "a multibillion-dollar trust controlled by China's cabinet, with investments in a wide range of industries, including airlines and banks." This would count as another investment by a sovereign wealth entity in a top Wall Street institution. The best example is the investment by China into Blackstone Group. Other funds have bought into stock exchanges around the world. The Qatar Investment Authority, for example, bought a 30 percent stake in the London Stock Exchange. Apollo Management was also rumored recently to be in talks to sell a stake to an Abu Dhabi government affiliate [0].  

For more:
- here's the AP brief [1]

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