Temasek to buy BoC stake

Temasek Holdings, the investment arm of Singapore's government, is in talks with the Bank of China to buy a stake in the state-owned lender that could be worth more than US$1bn, the Financial Times reported, citing unnamed people familiar with the talks. Temasek may become one of BoC's strategic investors alongside the Royal Bank of Scotland and UBS ahead of next year's US$3-4bn overseas listing by the Chinese lender, the report said. Temasek, which in June bought a 5.1% stake in state-owned China Construction Bank, is likely to buy less than the US$2.5bn, 10% stake being sought by the Royal Bank of Scotland.