Temasek unit, BOC lift community bank network by 27 more units

Singapore

TEMASEK-owned Fullerton Financial Holdings (FFH) and Bank of China have jointly acquired 27 community banks from China Construction Bank for RMB1.606 billion (S$321.3 million) - a new record in terms of the number of community banks being transferred in a single transaction.

The public listing and auctioning process of the state-owned assets to be transferred were facilitated via the Beijing Financial Assets Exchange. The transaction is subject to regulatory approval and other customary closing conditions.