SHANGHAI, Sept 1 State-owned China Development Bank has set up an investment arm with 35 billion yuan ($5.1 billion) in registered capital as it will focus on private equity deals, the official Financial News reported on Tuesday.
China Development Bank (CDB) will inject into the new unit non-financial stakes it currently holds, including CDB's ownership in the China-Africa Development Fund, Haitong-Fortis Private Equity Fund Management Co, Bohai Industrial Fund, as well as stakes in companies such as Aluminum Corporation of China Ltd and Jinchuan Group Ltd, the Financial News said on its website. (www.financialnews.com.cn)
CDB has been converting into a commercial bank from a policy lender. The company is 51 percent controlled by China's Finance Ministry.
Central Huijin, an investment agency under China Investment Corp, the country's $200 billion sovereign wealth fund, currently holds the rest, 49 percent of CDB.
CDB is a minority shareholder of UK bank Barclays (BARC.L) (US$1=6.832 Yuan)