The new joint venture will specialize in investing and managing village and town banks.
The proposed joint venture will have initial investment of $530m, and the investment will increase by $381 million in the second year, following the commencement of joint venture operations, CCB said.
Earlier, the plan was given approval in 2009.
Spanish bank group will hold 80.1% of the stake in the joint venture while Chinese bank will own remaining 19.9%.
The transaction is subject to regulatory approvals.
