Agricultural Bank of China denies fund injection
(Xinhua)
Updated: 2008-02-03 20:12
Updated: 2008-02-03 20:12
BEIJING -- The Agricultural Bank of China (ABC), the only unlisted bank among the four major state-owned commercial banks, said on Sunday that media reports involving a capital injection were unfounded.
Zhou Qingyu, speaking on behalf of ABC, said that reports that Central Huijin -- a government-sponsored investment company -- would inject 45 billion to 50 billion US dollars into the bank by April were untrue.
Zhou said: "The statement is not accurate, and it misleads readers."
Bank president Xiang Junbo told the bank's 2008 work conference in late January that it was striving to become a large public commercial bank in about three years.
ABC reported a profit of 96 billion yuan (about 13.3 billion US dollars) in 2007, up 64 percent from 2006.
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