The National Council for Social Security Fund (SSF) is seeking to acquire a 2.19% stake in China Development Bank (CDB), Xinhua reports. The Chinese pension fund will invest $1.5 billion in the state-owned lender.
The investment by the Chinese system is part of the bank’s reform program and will help increase its capital. SSF has previously bought stakes in Bank of China, the Bank of Communications, the Industrial and Commercial Bank of China and the Agricultural Bank of China.
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