Beijing allows broader ownership at Bank of Communications

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…