Agricultural Bank of China (ABC), the most beleaguered of the big four, may be dismantled under a plan proposed by Central Bank Chief Zhou Xiaochuan. The plan is favored by the State Council over an option to inject cash into the bank, according to state media. The bank's Beijing headquarters would be abolished and the branches handed over to urban or provincial governments with the central and provincial governments taking over its estimated US$60-US$70 billion in bad loans. The bank issued poor 2005 results last Thursday with net income down from 2004 and a non-performing loan ratio of 21.17%. ABC holds about 12% of China's banking assets with 500,000 employees in 28,234 outlets, mostly across rural areas. Bank officials favor an alternative plan that would include a cash injection and preparation of a new listing in Hong Kong.