The Agricultural Bank of China expects to complete its financial restructuring in the second half of this year, but the central government has yet to decide on an exact reorganization plan, a top official said yesterday.

How much capital the government injects will be determined after completion of external audits and asset evaluation, said the bank's vice-president Han Zhongqi.

The global accounting firm Deloitte is performing an audit of the bank's assets that should be finished at the end of this month. And the National Auditing Office has also started auditing the bank.

"In the financial restructuring, we aim to get all key financial indicators in shape to meet the requirements of the industry supervisor and for public listing," Han said.

Its goal is to cut the bad loan ratio to less than 5 percent from 23.5 percent at the end of last year.

The bank also aims to set aside assets to cover more than 60 percent of the bad loans, up from just 4.6 percent now, to meet requirements set by the banking regulator.

The bank's overhaul was listed as one of top priorities in the country's financial reforms this year at the National Financial Work Conference held last month.

The bank may follow the restructuring steps of the other three State commercial banks government capital injections, clearing non-performing loans, establishing shareholding companies, introducing strategic investors and seeking opportunities for listing, Han said.

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