Temasek Holdings, one of the leading global investor groups has announced recently the acquisition of a 10 percent stake in Bank of China (BoC), through it wholly-owned subsidiary Asia Financial Holdings (AFH) says a press release.
The strategic deal valued at US $3.1 billion is the largest direct and long-term investment in China by Temasek. Moreover, Temasek has also undertaken to subscribe to an additional US $500 million worth of shares in BoC's planned public offering. The proposed transaction is pending approval from the Chinese government and other regulatory authorities.
The share acquisition in a hundred-year-old BoC shall result in enhanced competitiveness in the region, trading to involved shareholder structure and more stringent corporate governance standards.
With a global portfolio of 90 billion Singapore dollars (US $54 billion), Temasek invests in fastest growing world economies, and its pervasion in China and the rest of Asia greatly aids to the Group's strategic intent and long-term dominance in global markets. Headquartered in Singapore, Temasek has presence in many diverse industries of Singapore, Asia and OECD Economies: namely telecommunications and media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, as well as pharmaceuticals and biosciences.
Recently Temasek has paved way into Pakistan through a 72 percent share acquisition in NIB Bank Temasek plans to revamp financial services by strengthening NIB's capital base and establishing its forte in banking industry.-PR