Date
19 August 2017
BoComm could bring in more private and foreign investment by reforming its ownership structure. Photo: Bloomberg
BoComm could bring in more private and foreign investment by reforming its ownership structure. Photo: Bloomberg

BoComm studying plans to deepen ownership reform

Bank of Communications Co. (BoComm) said it is studying plans to deepen its mixed-ownership structure, a move that may bring more private and foreign investment into the state-controlled lender, Bloomberg News reported.

China’s fifth largest commercial bank hopes to strengthen risk management and boost its competitiveness in the process, it was quoted as saying in a stock-exchange filing Monday.

HSBC Holdings holds 19 percent stake in BoComm, while China’s finance ministry is the single largest shareholder with 27 percent stake, according to the report.

The lender already has the basic features of hybrid ownership as a publicly listed firm, BoComm was quoted as saying in its statement.

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RC

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