The stake will cost the two financial institutions around $130 million, according to CQCB, with Dah Sing taking a 17 per cent stake. Carlyle will get eight per cent.
Under current rules, Chinese banks can only sell a maximum of 25 per cent of their shares to foreign investors.
In a statement, Dah Sing said that it wanted to see the Chinese bank become a leading retail lender on the mainland, with China's economic development increasing the demand for financial services in Chongqing - one of the country's most populous cities.
CQCB currently has a total of 66 branches in the metropolis, and predicts that it will have total year-end assets of around $4.6 billion and deposits of $3.7 billion.