Temasek wins BOC 5% stake nod

Central Huijin Investment agreed to sell a 5% stake in the Bank of China to Singapore's Temasek Holdings, the Wall Street Journal reported, citing a Huijin board member. The Chinese government investment vehicle that holds majority stakes in Bank of China and other big Chinese lenders approved the planned sale recently. The deal, which halves Temasek's August plans to pay US$3.1 billion for a 10% stake, must be approved by the banking regulator. No price for the sale has been announced.