China's Social Security Fund will invest more than 18 billion yuan (US$2.25 billion) in the Industrial and Commercial Bank of China, the country's biggest lender, according to an agreement the two signed Monday.
Jiang Jianqing, chairman of the bank said the deal, pending approval from the China Banking Regulatory Commission, is "another important result achieved by the ICBC in inviting foreign strategic investors."
A foreign trio of Goldman Sachs, American Express and Allianz Group has already paid a combined US$3.78 billion for a 8.89 percent stake in the ICBC, the biggest-ever amount of foreign investment in China's banking industry.
The Shanghai Securities Journal reported last week the ICBC is expected to list its shares in Hong Kong as early as September.
(Xinhua News Agency June 19, 2006)
