China Construction and Banco Santander JV talks ongoing

CCB would provide 60 percent for the venture while Banco Santander will fill in the rest.

Emillo Botín, chairman of Banco Santander said both parties expect to reach an agreement soon, according to a report in China Knowledge.

In January, the China Daily reported that the JV's registered capital would be RMB 3 billion initially and could rise to up to RMB 5 billion in three years. CCB would contribute RMB 1.8 billion for a 60 percent stake while Banco Santander would invest RMB 1.3 billion for the remaining 40 percent stake.

The JV, which plans to open 100 village banks in China, is still subject to approval from the State Council, according to the report.