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BIZCHINA / Banking/Finance |
China Investment Corp confirms investment in Everbright Bank(AFX)
Updated: 2007-11-30 19:12 China Investment Corp (CIC) chairman Lou Jiwei confirmed that the sovereign wealth fund injected the US dollar equivalent of 20 billion yuan ($2.73 billion) into China Everbright Bank today. Plans to use the CIC to inject capital into Everbright were chalked out during the establishment of the wealth fund earlier this year. Speaking at a financial forum in Beijing, Lou also said that Central Huijin, which was recently merged into China Investment Corp, will participate in the restructuring of China Development Bank (CDB) and Agricultural Bank of China. The restructuring of CDB, one of the country's three policy banks, will be launched soon, Lou said. Deputy finance minister Li Yong has said that one-third -- around $66 billion -- of the CIC's $200 billion start-up capital will be injected into CDB and Agricultural Bank. |
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