CHINA CONGRESS: CDB: Aims For Financing Deal With Chinalco
March 05 2009 - 11:20PM
Dow Jones News
China Development Corp. President Jiang Chaoliang said the bank
aims to reach a financing deal with Aluminum Corp. of China, and
any agreement made would be based on commercial interest.
Jiang said his bank, a state-owned policy lender that is the
biggest issuer of bonds in China behind the Ministry of Finance,
wouldn't intervene in Chinalco's operations.
Last month, Chinalco struck a $19.5 billion deal to take a
greater interest in Rio Tinto, marking China's biggest foreign
investment deal to date.
Jiang, who was speaking with a select group of media during the
National People's Congress, said CDB has no plans to introduce
foreign strategic investors into the bank for now, and that the
government will keep control of the bank for the foreseeable
future.
The bank will introduce China's national pension fund as a
strategic investor, Jiang said, without providing a timeframe.
-Victoria Ruan contributed to this story, Dow Jones Newswires;
8610 6588-5848; victoria.ruan@dowjones.com