Banking

Local government to sell stake in Bank of Guangzhou

By Qiang Xiaoji (chinadaily.com.cn)
Updated: 2010-09-09 13:36

Guangzhou municipal government plans to sell 2.5 billion shares, or about a 30 percent stake, of Bank of Guangzhou to financial investors, the China Business News reported Thursday, citing an unnamed source with the bank.

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The report said it would also bring in strategic investors to further reduce government holdings.

The source said the municipal government plans to finish the renaming and restructuring of the bank to realize cross-regional operation. Then it will optimize the ownership structure, and the final goal is to go public.

The government has a 93 percent stake in the bank, the report said.