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Agricultural Bank launches holding company

By Wang Lan (chinadaily.com.cn)
Updated: 2009-01-09 16:12

Agricultural Bank of China established its holding company in Beijing today, marking an important step in the restructuring from a wholly State-owned bank to a commercial institution ready for an eventual public listing.

The newly established holding company, equally owned by the Ministry of Finance and Central Huijin, a subsidiary of the country's sovereign wealth fund, has a registered capital of 260 billion yuan ($37.96 billion), the company said in a statement on its website.

A management team for the holding company has been installed, the statement said, without providing further detail.