(Shanghai Daily)
Updated: 2007-08-09 08:52

China Everbright Bank Co has gained regulatory approval for its restructuring, China's eighth-biggest lender said on its Website today.

The bank's board and shareholders will discuss details of the plan, the two-sentence statement said.

The State Council recently approved a proposal to inject about 20 billion yuan (US$2.65 billion) into the bank, including a loan from the People's Bank of China, Caijing Magazine reported earlier, citing unnamed sources.

The bailout would pave the way for the bank to sell a stake to strategic investors before conducting a stock market listing.

China's banks are restructuring and floating shares to boost capital and improve corporate governance. The country has injected a combined US$60 billion into three of its four big state-owned banks.