ABC submits revised reform plan

(Shenzhen Daily)
Updated: 2006-11-13 15:14

The Agricultural Bank of China (ABC), the only one of the country's Big Four State banks that has not been bailed out, has submitted its revised restructuring plan to the State Council, the China Securities Journal reported last Friday.

ABC has been sticking to the plan to list the whole company, as breaking up the sprawling bank in the restructuring could prove more risky, said Han Zhongqi, the bank's vice president.

Han added that the lender will kick off restructuring after spinning off its losses, and will follow up with moves to bring in foreign strategic investors.

Intent on shoring up its financial sector, China has injected a total of US$60 billion into the nation's other three banking giants - Bank of China, the Industrial and Commercial Bank of China and China Construction Bank.

A pre-listing bail-out of ABC will cost an estimated US$100 billion, said a senior official with Central Huijin, the Ministry of Finance's investment arm.

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