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CIC says to keep buying Chinese bank stakes

Tue Mar 3, 2009 10:18pm EST

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BEIJING, March 4 (Reuters) - China Investment Corp will continue to increase its stakes in the country's three main state-owned listed banks, Jesse Wang, a senior official with the country's $200 billion sovereign wealth fund, said on Wednesday.

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China said late last year amid the stock market slump that Central Hujin, a domestic investment arm of CIC, would buy shares in Industrial and Commercial Bank of China (601398.SS) (1398.HK), Bank of China (3988.HK) (601988.SS) and China Construction Bank Corp (0939.HK) (601939.SS).

"CIC and Huijin will continue to increase shareholdings in the three main state banks through the secondary market as long as there is a need," Wang said. (Reporting by George Chen; Editing by Ken Wills)

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