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BEIJING - CHINA'S cabinet has approved a long-anticipated plan to turn a giant state agency that finances highways and other public works into a commercial bank, a financial newspaper reported on Monday.
The plan calls for China Development Bank to expand investment banking and commercial lending, the China Securities Journal reported, citing an unidentified person at the bank. It gave no details on when the conversion would happen. A CDB spokesman who refused to give his name said he had no information on the status of the plan.
China's state-owned banks are in the midst of a massive overhaul meant to create competitive commercial lenders.
CDB received a US$20 billion (S$41.4 billion) capital injection in December from China's government investment fund, which also has bought stakes in other major state-owned lenders.
CDB has given no indication of its commercial plans but denied a newspaper report last month that it plans to invest US$5 billion in a Nigerian bank that is West Africa's biggest lender. -- AP
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