Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Agricultural Bank now stock holding company

SHANGHAI, January 9 – Agricultural Bank of China has been transformed into a stock-holding company, the lender said on Friday, bringing it a step closer to an eventual stock market listing.

The Ministry of Finance and Central Huijin Investment Co, a unit of the country\’s sovereign wealth fund, each has a 50 percent stake in the bank with a registered capital of 260 billion yuan (38 billion dollars), the lender said in a statement on its website.

The bank, the weakest of China\’s four major state-owned commercial banks, received a 19-billion-dollar government cash injection in November as part of its preparations for an eventual stock listing.

The introduction of shareholders demanding a return for their investment would force the bank to start operating for profits — a break from its role so far of supporting government policies, observers say.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...