China’s state-owned pension fund is likely to invest up to US$2.9 billion in Agricultural Bank of China (ABC) to become the bank’s first strategic investor ahead of its planned initial public offering next year, state media reported, citing sources close to the matter. "The investment has got the regulator’s nod, and the fund has already started due diligence on the bank," the source said. The National Social Security Fund (NSSF) invested US$4 billion in stakes in the Industrial and Commercial Bank of China and Bank of China. ABC has also resumed talks with potential foreign strategic investors, including Credit Agricole and Bank of Montreal, the source said.
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