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