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Banks

Bank of China in talks with Temasek on rural bank

HONG KONG, March 23 (Reuters) - Bank of China 3988.HK601988.SS, China's fourth largest bank, said on Tuesday it was in talks with Temasek Holdings [TEM.UL], Singapore's sovereign wealth fund, to set up a rural business bank in China.

The bank under discussion would have 40-60 branches, President Li Lihui told reporters at a media briefing to discuss Bank of China’s 2009 results.

He also said Bank of China would prefer to enter the newly opened Taiwan market by opening a branch there rather than buying a stake in a local bank. (Reporting by Kelvin Soh and Clare Jim; Editing by Dan Lalor)

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