The China Development Bank (CDB) is expected to finish its reorganization process by the end of June, the Official China Securities Journal reported on Thursday, citing internal sources.
The Ministry of Finance and the Central Huijin Company (a wholly owned fund-managing subsidiary of the China Investment Corp) are 50-50 owners of CDB.
According to the report, the formal start-up of the new joint-stock entity: China Development Bank Co Ltd, may be slightly postponed due to legal procedures, registration and personnel arrangements.
The report said that the company is now in the process of introducing strategic investors. The company will be engaged in optimizing equity structure, promoting marketization and increasing commercial operations in the near future.
When asked about Barclay's recent financing enquiry, the source said that CDB has no intention for further investment yet and hasn't made any formal reply to Barclay.
CDB, one of China's three policy banks, was established in 1994, along with the China Export and Import Bank and the China Agricultural Development Bank.
For more details, please read the full story in Chinese (http://paper.cs.com.cn/html/2008-06/19/content_15671946.htm).
(China.org.cn by Yan Pei, June 19, 2008)
