Bank of China in talks with Temasek on rural bank

March 24, 2010
Singapore Democrats

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Kelvin Soh & Clare Jim
Reuters

Bank of China, China’s fourth largest bank, said on Tuesday it was in talks with Temasek Holdings, Singapore’s sovereign wealth fund, to set up a rural business bank in China.

The bank under discussion would have 40-60 branches, President Li Lihui told reporters at a media briefing to discuss Bank of China’s 2009 results.

He also said Bank of China would prefer to enter the newly opened Taiwan market by opening a branch there rather than buying a stake in a local bank.

http://www.reuters.com/article/idUSHKV00229820100323