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The Agricultural Bank of China has applied to set up a fund management joint venture with its partners to diversify its income channels.

The Beijing-based bank is waiting for approval from the China Banking Regulatory Commission to set up the venture with the China affiliate of France's Credit Agricole and Aluminum Corp of China, with a registered capital of more than 100 million yuan (US$12.8 million), an official with the lender said yesterday.

The country's second-biggest lender will hold more than 50 percent of the venture while its two partners will take the remainder, the official said, declining to give more details.

Domestic banks are teaming with overseas partners to set up fund management ventures to diversify income sources.

Three of China's top five lenders have already launched their fund ventures. Industrial and Commercial Bank of China has already tied up with Credit Suisse. China Construction Bank joined hands with Principal Financial Group while Bank of Communications cooperated with Schroders Plc. Bank of China is set to set up a fund venture with Merrill Lynch.

Chinese authorities are striving to nurse its fast-expanding fund sector, which has grown to US$100 billion in assets under management from nearly zero seven years ago, to help its stock markets develop.

China has more than 20 fund ventures co-funded by domestic and foreign investors, compared with 30-plus firms solely owned by Chinese investors.

The ABC is widely believed to the weakest among the country's big four state-owned banks with the highest bad loan exposure and the biggest number of employees.

Its sour loan ratio hovers around 20 percent, when compared with an industry average of less than 10 percent.

The bank is the last to restructure among the country's big four state-owned banks while rivals - BOC, ICBC and CCB - have received a combined US$60 billion government bailout and have since listed.

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