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Temasek says to maintain investments in China bank stocks

Published on Jul 8, 2014 3:14 PM
 
Singapore state investor Temasek Holdings Pte Ltd said it would continue to invest in Chinese financial institutions and it was comfortable with its holdings in Chinese banks. -- PHOTO: BLOOMBERG

SINGAPORE (Reuters) - Singapore state investor Temasek Holdings Pte Ltd said it would continue to invest in Chinese financial institutions and it was comfortable with its holdings in Chinese banks.

"The financial institutions, we believe, have ample capability to weather the current storm and be able to adjust to risks they are facing," Wu Yibing, head of China at Temasek, told reporters after the state investor unveiled its annual outlook and investment strategy.

"So we remain comfortable with our stakes and we will continue to invest in the financial institutions because they are a good proxy for long term growth for the Chinese economy," he added.

Temasek, the city-state's second-biggest sovereign investor, owns a 6 per cent stake in China Construction Bank and a 2 per cent stake in Industrial and Commercial Bank of China . It also has holdings in other banks, including a stake of just under 18 per cent in British bank Standard Chartered.

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