Beijing allows broader ownership at Bank of Communications
More private shareholding aims to drive growth by bringing on board commercially adept strategic investors
Beijing
CHINA'S Cabinet has allowed Bank of Communications (BoCom), the country's fifth-biggest lender, to introduce more private shareholding as part of Beijing's financial reforms to revitalise state-owned banks.
The proposal, approved by the State Council, is aimed at driving BoCom's growth by bringing on board commercially adept strategic investors and incentivising employees through stock ownership plan.
While "optimising the shareholding structure", BoCom's reform won't weaken the…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Deutsche Bank Q1 profit jumps 10% as investment bank outperforms
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip
Morgan Stanley Asia private equity unit to reorganise as CEO retires
US seeks 36 months’ jail for Binance founder Zhao
Keppel’s Q1 revenue down 6.3% to S$1.5 billion; legacy O&M assets a drag on net profit
JPMorgan talking with investors about two synthetic risk transfers