The government on Friday approved a revamp of the ownership structure of China Everbright Group as the country deepens the reform of State-owned enterprises.

China Everbright Group, with assets totaling $420 billion at the end of last year, is the parent of Hong Kong- and Shanghai-listed China Everbright Bank Co, the country's 11th-largest bank by assets.

It also has units involved in stock brokerage and tourism.