Temasek, the Singapore state-owned investment company, is selling its shares in two of China’s biggest banks to raise as much as $3.6bn.
It is selling US$2.4bn of shares in Bank of China and about US$1.2bn in China Construction Bank, according to one source. The sales of the group’s stakes – also reported by Bloomberg – are thought to be part of a planned consolidation of Temasek’s portfolio of Chinese banks. Temasek was unavailable for comment.
Last summer the company recruited Greg Curl, a former Bank of America executive and China Construction Bank director, to oversee its financial services operations.
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