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MARKET AWAITS AGRICULTURAL BANK OF CHINA RESTRUCTURING PLAN.
BEIJING, July 2 Asia Pulse - China is still studying the restructuring of the Agricultural Bank of China, a top banking regulator said over the weekend in Shanghai.
Reform procedures for the Beijing-based Agricultural Bank will follow steps taken by Industrial and Commercial Bank of China (SEHK:1398, SSX:601398) (ICBC) and the two other biggest lenders, Jiang Dingzhi, a vice chairman of the China Banking Regulatory Commission (CBRC), said on Saturday at a banking forum in Shanghai.
The government spent US$60 billion bailing out ICBC, Bank of China (SEHK:3988, SSX:601988) and China Construction Bank (SEHK:0939) as part of a three-step plan - bailout, attract strategic investors and initial public offering - to restructure its state-owned banks.
The market had expected the proposal on the bank's restructuring to be available in the first half of this year.
The bank will likely receive a substantial bailout from the central government in the second half ...
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Source: HighBeam Research, MARKET AWAITS AGRICULTURAL BANK OF CHINA RESTRUCTURING PLAN.