State media said Bank of China has made its first selection of strategic institutional investors to help with its initial public offering slated in the first half of 2005. According to a report in the 21st Century Business Herald, the list includes Citibank, JP Morgan Chase, China National Petroleum Corp and China Petroleum & Chemical Corp. Some mainland institutions are still under consideration, Herald said. Citibank and JP Morgan will reportedly be allowed to buy Bank of China shares using non-cash assets.
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