China's pension fund invests in China Development Bank.
Global Banking News - 30 September 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
China's National Social Security Fund (NSSF) is planning to invest in China Development Bank (CDB), Xinhua News has reported citing NSSF chairman Dai Xianglong.
CDB, which mainly lends to key national projects, is undergoing share-holding transformation to turn itself into a commercial bank, the report said, adding that according to earlier reports, a stockholding company was to be set up soon.
NSSF would invest in CDB and a series of other financial institutions as the fund was diversifying investment channel, Dai said at the Summer Davos forum, without disclosing further details.
NSSF would also increase investments in the country's equity market, which 'will be good for the stability of the stock market,' he said.
According to Dai, the pension fund has invested into Beijing-Shanghai express railway, Bank of China Bank of China (BOC) (601398.SS) (HKG: 3988) (OTC: BACHF.PK), The Bank of Communications (BoCom) (HKG: 3328) (601328.SS) (OTC: BKFF.PK) and Industrial and Commercial Bank of China (ICBC) (HKG: 1398) (601398.SS). The assets of the pension fund would reach CNY1tn (USD146.6bn) by 2010, and exceed CNY7tn when adding insurance premium incomes and annuities, he said.
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|Publication:||Global Banking News (GBN)|
|Date:||Sep 30, 2008|
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