Agricultural Bank of China (ABC) will get 19 billion U.S. dollars of capital injection from a unit of the country's sovereignty wealth fund, a vice bank president announced on Wednesday.
Central Huijin Investment Ltd., a unit of the 200-billion-dollar China Investment Corp., will inject into the ABC cash in U.S. dollars that equals to 130 billion yuan, ABC vice president Pan Gongsheng told a press conference.
Central Huijin Investment Ltd. and the Ministry of Finance will each hold a 50 percent stake in the Agricultural Bank.
Technical preparation for the bank's initial public offering (IP0) will be finished in the second half of 2009, he said, adding that specific timetable and place of IPO haven't been decided yet.
The announcement came one day after the Chinese cabinet approved in principle ABC's restructuring plan, which will pave the way for the last of China's big four state-owned commercial banks to go public.
Source:Xinhua
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