Big Four bank could be recapitalized by April

Agricultural Bank of China (ABC) could be in line to receive a capital injection of US$45-50 billion as early as April, AFP reported, citing state media. The restructuring of ABC, the weakest of the four major state lenders, is said to be on the agenda for discussion at the National People’s Congress in March. The funds would most likely come from Central Huijin, a state investment body originally set up by the People’s Bank of China which was responsible for recapitalizing Bank of China, China Construction Bank and Industrial and Commercial Bank of China. Central Huijin is now under the control of China Investment Corp, the country’s sovereign wealth fund. Earlier in January, Xiang Junbo, president of ABC, said that the bank hopes to list shares by 2010.