StanChart to retain stake in AgBank

The lender’s CEO expressed satisfaction in its collaboration with the Chinese lender amidst speculation that foreign stakeholders may divest stakes in mainland banks.

Standard Chartered's chief executive has ruled out reducing its holding in Agricultural Bank of China after a lockup period expires, the South China Morning Post reported on Monday.

"We are very happy with the partnership (with AgBank)," the newspaper cited Standard Chartered CEO Peter Sands as saying. "We have become (AgBank's) preferred partner for its clients...(who) can make use of our international network."

There has been speculation that foreign stakeholders may sell down cornerstone stakes in mainland banks as lockup periods expire.

About 5.1 billion Shanghai-listed A shares and 12.4 billion Hong Kong-listed H shares will see their lockups expire on Friday and Monday, respectively, according to AgBank's annual report. Other cornerstone investors that bought into the IPO of China's No.3 bank by assets include the Kuwait Investment Authority and The Qatar Investment Authority.

View the full story in Reuters.

Follow the link for more news on

Also Read

OCBC Ignite aims to double poly graduate intake

Singapore’s big banks aim for 96% emissions cut by 2050

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit

Top News

What is Lorem Ipsum?

What is Lorem Ipsum? Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Evergreen Group obtains financing license to expand in Malaysia