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This is an archive article published on September 1, 2005

Temasek buys 10% in BoC

Bank of China (BoC) on Wednesday said it was selling a 10 per cent stake to Singapore’s state investment agency, Temasek Holdings, for ...

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Bank of China (BoC) on Wednesday said it was selling a 10 per cent stake to Singapore’s state investment agency, Temasek Holdings, for $3.1 billion in the latest leap by a foreign financial institution into China’s banking sector.

The deal will help lay the groundwork for Bank of China, the country’s second-largest bank by assets and its biggest foreign-exchange bank, to launch an IPO next year.

BoC said Temasek would buy further shares worth $500 million when the bank makes its IPO. — Reuters

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