Banking

PetroChina to be ABC strategic investor

(Agencies)
Updated: 2010-05-28 14:00

BEIJING: Agricultural Bank of China(ABC) is set to bring on board PetroChina, the country's biggest oil and gas producer, as one of its strategic investors for its long-awaited initial public offering, local media reported.

Related readings:  ABC heads for world's largest IPO  ABC clears hearing in run-up to IPO  ABC may sell up to 53b shares in IPO  China pension fund invests $2.2b in ABC

The bank would give priority to domestic enterprises when choosing "strategic investors," the Securities Daily reported, citing a source close to the regulator.

ABC would be the only one among China's "big four" banks to go public without first bringing in a major foreign strategic investor.