China OKs asset sale to Temasek

China OKs asset sale to Temasek

SHANGHAI: China's bank regulators have approved the purchase
of a 4.55 percent stake in China Minsheng Banking Corp. by a unit
of the Singapore government's main investment arm, newspapers
reported Monday.

The China Banking Regulatory Commission recently approved the
plan by Temasek Holdings Pte. Ltd.'s Asia Financial Holdings to
buy the stake in Minsheng, the China Securities Journal and other
state-run newspapers reported.

Beijing-based Minsheng made no public announcement. However,
Minsheng's board approved the stake purchase by Asia Financial
Holdings in October.

Minsheng, founded in 1996, was China's first bank to be
launched with private shareholders and is generally considered
among the country's strongest banks. -- AP