July 13, 2011 / 10:11 AM / in 7 years

Temasek has no plans to sell AgBank stake - Xinhua

HONG KONG, July 13 (Reuters) - 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)

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