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皇冠体育app pension fund to buy into 皇冠体育app Development Bank

(Agencies)
Updated: 2008-10-15 17:11

皇冠体育app's pension fund is likely to pay up to 30 billion yuan ($4.4 billion) for a stake in 皇冠体育app Development Bank, which is preparing for a stock market listing, the 皇冠体育app Business News reported Wednesday.

The national pension fund could pay 20 billion to 30 billion yuan for an unspecified stake, the newspaper said, citing unnamed officials familiar with the deal.

The bank, which owns a 3.1 percent stake in British bank Barclays, has been working for years to transform itself from an instituion dedicated to carrying out government policies into a market-oriented commercial bank.

皇冠体育app Development Bank, which recently formed a joint stock company, may also introduce investment from domestic oil giants such as 皇冠体育app National Offshore Oil Corp and 皇冠体育app National Petroleum Corp, the newspaper said.

The domestic investment arm of 皇冠体育app's sovereign wealth fund, Central Huijin Investment Co, injected $20 billion into 皇冠体育app Development Bank last year to help it restructure.

The lender was previously responsible for financing government economic priorities such as infrastructure projects.