Beijing-based China Minsheng Banking Corp. plans to seek U.S. regulatory approval to increase its stake in San Francisco-based UCBH Holdings Inc., Bloomberg News reported Monday, citing two unnamed people briefed on the matter.

Minsheng is looking to raise its stake to at least 50% from 9.6%, the report cited the people as saying. It said they declined to be identified because the talks are private.

Minsheng hopes for more management control of UCBH and would work to help it get rid of some of its non-performing loans, and details of the plan are still being worked out, the people said, according to the report.

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