CDB approved to become commercial bank
20 June 2008
China Development Bank (CDB), China's largest policy lender, has received approval to transform itself into a commercial bank by the end of June, state media reported. The bank will establish a new firm, China Development Bank Corp, and is inviting domestic financial institutions and overseas equity investors as stategic investors. The Ministry of Finance and Central Huijin Investment Co, which falls under the control of China's sovereign wealth fund, China Investment Corp, are expected to maintain significant stakes in the bank. State media cited analysts as saying CDB would shift to comprehensive business activities, including retail banking.