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Bank of China and Temasek Holdings may invest as much as 20 billion yuan ($4.04 billion) to build a rural-banking business in China, two people with knowledge of the matter told Bloomberg News.
The companies are in talks about setting up as many as 400 rural banks, the people said, declining to be identified. Bank of China would own a controlling stake in the joint venture, they said.
Zhang Jianping, a spokesman for Bank of China, said the Chinese lender is in talks with Temasek to expand into rural-banking services. He declined to comment on the size of the investment. A Temasek spokesman declined to comment.
Temasek, Singapore’s US$123 billion investment company, would own more than 20% of the venture, the people said. Setting up a rural bank in China requires approval from the country’s banking regulator.
