AGRICULTURAL BANK OF CHINA DENIES SELLING SHARES TO CHINA LIFE
AsiaInfo Services, December, 2007
AsiaInfo Services 12-13-2007 Agricultural Bank of China Denies Selling Shares to China Life BEIJING, Dec 13, 2007 (SinoCast via COMTEX) -- Agricultural Bank of China (ABC), one of the Top Four commercial banks in the country and mainly engaged in rural financing, denies the rumored shares selling to China Life Insurance Co., Ltd.
(NYSE: LFC, SEHK: 2628), the nation's largest life insurer, said people familiar with the lender on December 12, 2007. Yesterday, the bank was said to sell a 20% stake at most to the insurer. However, the deal is denied today. Similar with the ownership structure reforms of the other three state-owned commercial banks in the country, ABC is set to experience three stages include financial restructuring, joint-stock ownership reform, and...
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