Policy lender China Development Bank (CDB) moved closer to becoming an all-round financial group after receiving a $20 billion recapitalization from the China Investment Corp (CIC), sources said.

CDB signed an agreement on December 31 with Central Huijin, an investment arm incorporated into CIC before the latter was formally launched at the end of September, according to a statement by the People's Bank of China, the central bank.

CDB is one of three policy lenders in China, along with the Agricultural Development Bank of China and the Export-Import Bank of China. The capital injection will raise CDB's capital adequacy ratio and push the bank closer to a more commercialized operation, the statement said.