Site icon China Economic Review

BOC and Temasek near deal

Singapore government investor Temasek's troubled bid to buy a stake in Bank of China has been amended and is close to completion, according to the China Banking Regulatory Commission, reported the South China Morning Post. Temasek had said would take a 10% stake in BOC for US$3.1 billion and buy US$500 million worth of shares in the mainland bank's IPO expected in the first half of 2006. But the Ministry of Finance objected to the terms, and the deal was stalled. BOC plans to be the first Chinese lender to become a fully-fledged international bank.

Exit mobile version