Bank of China

big four closer to state bailout

PUBLISHED : Thursday, 25 December, 2003, 12:00am
UPDATED : Thursday, 25 December, 2003, 12:00am

The central government is close to announcing a package to recapitalise the Big Four state-owned commercial banks.

Bank of China, the nation's second-largest lender by assets, will get a US$20 billion government bailout as soon as next week, an executive at the bank said, according to Bloomberg.

The bailout would help the practically insolvent Big Four - Bank of China, China Construction Bank, Agricultural Bank of China and Industrial and Commercial Bank of China - meet stock listing requirements.