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| CDB gains approval for restructuring plan |
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| 2008-02-24 | |
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Feb. 18, 2008 (China Knowledge) - China Development Bank (CDB), China's policy bank established in 1994, has gained government approvals for its restructuring plan, reported by the 21st Century Business Herald. According to the report, the policy bank will be restructured into a joint-stock entity in the following six months with medium- and long-term lending as well as investment banking being its core business. The retail banking business is also under the bank's consideration. Under the plan, the policy bank's restructuring will get strategic investors involved and may launch an initial public offering in future, said the newspaper. CDB announced its restructuring plan to become a commercial lender in late 2007. It has already received capital injection of US$20 billion from China Investment Corp (CIC), China's Sovereign-wealth fund, through Central Huijin, the investment unit of CIC. China Development Bank is a policy bank set up to take over government-directed lending functions of China's Big Four state-owned commercial banks. |
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