National welfare fund eyes bank stakes

China's national welfare fund said Wednesday it was in talks to invest in the country's two largest lenders, Industrial and Commercial Bank of China and Bank of China, Reuters reported. Xiang Huaicheng, the chairman of the fund, confirmed a report by the official China Securities Journal that the fund was considering a stake of between US$700-$800 million in ICBC. Xiang did not say how much it wanted to invest in the Bank of China. Both banks have plans to list overseas next year.