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Bank of China to select investors
(Agencies)
Updated: 2004-12-29 10:57

"We hope to decide on this in the first quarter of next year. We haven't reached a decision yet," bank president Li Lihui told reporters in Beijing when asked whether strategic investors had been picked, Reuters reported.

"Negotiations are still continuing," Li said.

Earlier in December, Bank of China denied reports it had agreed to sell a 10 percent stake to Germany's Deutsche Bank and that it planned to sell nearly a quarter of its shares to three foreign investors this year.

The Beijing-based bank had initially hoped to sign up big investors months ago, but then said in October it was aiming for the end of 2004 or early 2005.

Analysts have said the delays may be a sign that potential investors, tipped by market watchers as including Switzerland's UBS and U.S. bank J.P. Morgan (Research), are balking at the price or potential risks.

After receiving a US$22.5 billion capital injection late last year, Bank of China has overhauled its operations and written off billions of bad loans in preparation for listing shares next year.

Li said the bank had yet to decide the size, timing and location of the listing, which analysts say could raise up to US$4 billion.

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