InfoAnda - Agricultural Bank of China receives 19-billion-dollar bailout

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Agricultural Bank of China receives 19-billion-dollar bailout AFP - Friday, November 7 SHANGHAI (AFP) - - Agricultural Bank of China said it signed an agreement Thursday for a 19-billion-dollar government cash injection as it took a decisive step in its preparations for an eventual stock listing. The bank, the most troubled of China's four major state-owned commercial lenders, said it signed the deal with Central Huijin Investment Co, an investment arm of the nation's sovereign wealth fund. "The capital injection marks an important step in the bank's joint-stock reforms and it is a substantive move towards the financial restructuring," the bank said in a statement. The introduction of shareholders demanding a return for their investment would force the bank to start operating for profits -- a break from its role so far of supporting government policies, observers say. "The injection of US dollars equivalent to 130 billion yuan (19 billion dollars) will effectively boost the bank's capital base, improve its financial status and enhance the bank's profitability,' the lender added. The investment will give Central Huijin Investment and the finance ministry each a 50 percent stake, it said. Agricultural Bank has said it would be "technically ready for an initial public offering" in the second half of 2009, the Xinhua news agency reported in October, citing the bank's vice president Pan Gongsheng. The bank reported 817.97 billion yuan in non-performing loans at the end of 2007, according to financial results posted on its website. As of the end of last year, it employed 447,500 employees and operated 24,452 branches and sub-branches in mainland China, mostly in rural areas. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Agricultural Bank of China receives 19-billion-dollar bailoutAFP - Friday, November 7 China's leading oil producers start cutting prices: reportAFP - Friday, November 7 Europe shares fall early, led by banks, oilsReuters - Friday, November 7 Stocks slide, Toyota warns of 'unprecedented' crisisAFP - Friday, November 7 Related Articles: Business Turkish yarn maker Sonmez Filament ends outputReuters - Friday, November 7 Thai Oil sees no 2009 output cut despite slowdownReuters - Friday, November 7 Singapore Airlines Q2 net down 36 pct on high fuelReuters - Friday, November 7 Japan MOF plans to keep steady 40-yr JGB issuanceReuters - Friday, November 7 Max simple rate at Turkish repo auction 17.37 pctReuters - Friday, November 7 Enlarge Photo Agricultural Bank of China receives 19-billion-dollar bailout Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Obama wins US election, to become first black president Among Obama's next challenges: his own security US elects Obama as its first black president Obama's grandmother, family 'rock', dies on election eve Stocks, dollar rise as Obama takes White House View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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