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China 'to inject up to 50 billion dollars to Agricultural Bank'
2008-01-29
Agricultural Bank of China, the weakest of the country's big four commercial banks, could receive up to 50 billion dollars in government bail-out funds as early as April, state media said Tuesday. Proposals on restructuring the lender, including the capital injection, will be discussed during the National People Congress in March, the Oriental Morning Post reported, citing unnamed sources. The bank could receive 45 billion to 50 billion dollars from the Central Huijin Investment Corp, the domestic investment arm of China's state foreign exchange investment agency, the sources said. Funding could come by the end of April, the report said. Officials with Agricultural Bank were not immediately available for comment on the report. Earlier this month, Agricultural Bank president Xiang Junbo said at a working conference that the lender hopes to list shares by 2010, Xinhua news agency reported.
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