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BOC says no intention to buy AIG for strategic reasons

(Xinhua)
Updated: 2009-03-06 18:18

Bank of China (BOC) made it clear Friday it would not participate in bidding for the ailing American International Group Inc (AIG), as it does not conform to the bank's strategy.

BOC would adhere to commercial banking as its core business, BOC Chairman Xiao Gang told Xinhua.

The other concern is that the losses of US and European financial institutions have not bottomed out, Xiao said.

Earlier in February, an unidentified official of the bank said it had not made a bid for US insurer AIG's Asian life-assurance unit when asked about a Financial Times report, which said BOC had been chosen by the Chinese government as a potential bidder for the division.