The Wall Street Journal-20080117-China Bank Seeks Stakes

Return to: The_Wall_Street_Journal-20080117

China Bank Seeks Stakes

Full Text (84  words)

BEIJING -- Bank of Communications Co. aims to take part in a pilot program to be launched by Beijing that will allow China's banks to invest in insurers, a senior official of the bank said.

Wu Jiajun, deputy general manager of the bank's investment- management department, didn't say whether the lender had submitted an application to the government on the cross-sector investment.

The bank, 19%-owned by HSBC Holdings PLC, said it received regulatory approval to take a 10% stake in Changshu Rural Commercial Bank.