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China pension fund to buy into China Development Bank

(Agencies)
Updated: 2008-10-15 17:11

China's pension fund is likely to pay up to 30 billion yuan ($4.4 billion) for a stake in China Development Bank, which is preparing for a stock market listing, the China Business News reported Wednesday.

The national pension fund could pay 20 billion to 30 billion yuan for an unspecified stake, the newspaper said, citing unnamed officials familiar with the deal.

The bank, which owns a 3.1 percent stake in British bank Barclays, has been working for years to transform itself from an instituion dedicated to carrying out government policies into a market-oriented commercial bank.

China Development Bank, which recently formed a joint stock company, may also introduce investment from domestic oil giants such as China National Offshore Oil Corp and China National Petroleum Corp, the newspaper said.

The domestic investment arm of China's sovereign wealth fund, Central Huijin Investment Co, injected $20 billion into China Development Bank last year to help it restructure.

The lender was previously responsible for financing government economic priorities such as infrastructure projects.