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Bank of China (BOC) declined to comment on a report that the central bank's investment arm had temporarily blocked a multi-billion dollar investment plan by Singapore's Temasek Holdings.
Central Huijin Investment Co, the Bank of China's major shareholder, had blocked the deal at a board meeting last month amid worries that large and wide-ranging investments by Temasek posed a threat to the country's "financial stability", the Caijing magazine said in its latest edition published Monday. Temasek, Singapore's stateowned investment firm, had signed a deal to buy 10 percent of Bank of China for US$3.1 billion. It plans to invest an additional US$500 million to buy more shares when the bank lists next year. Bank of China said it would not comment on related media reports.
(Shenzhen Daily November 2, 2005)
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