HONG KONG, July 13 Singapore's Temasek Holdings
does not intend to reduce its holding in China's No.3
lender Agricultural Bank of China Ltd when the state
investor's lock-up period ends next week, Chinese state media
reported on Thursday.
Temasek's sale of its stakes in Bank of China Ltd
and China Construction Bank Corp
was aimed at managing its exposure to the Chinese
banking system, Xinhua News Agency reported, citing Ding Wei,
Temasek's China head.
Ding also said he was upbeat about the Chinese economy and
prospects for the country's banks, Xinhua reported.
A member of AgBank's board of directors told
Reuters on Wednesday that none of its cornerstone investors had
said they want to sell their stakes.
Temasek was among the cornerstone investors in AgBank's $21
billion initial public offering last year, along with other
state-backed investors such as the Qatar Investment Authority
and the Kuwait Investment Authority.
It sold a combined $3.6 billion worth of shares in Bank of
China and China Construction Bank last week, a day after Moody's
warned of a possible ratings downgrade for Chinese banks because
of their exposure to local government debt.
(Reporting by Kelvin Soh; Editing by Chris Lewis)