Beijing allows broader ownership at Bank of Communications
More private shareholding aims to drive growth by bringing on board commercially adept strategic investors
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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.
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