Top policy bank to go commercial by June-end

China Development Bank will transform into a full fledged commercial bank before the end of June, sources told China Daily.

The country's largest policy lender has secured formal approval from the State Council to establish a new firm, which will be called China Development Bank Corp.

The Ministry of Finance and Central Huijin Investment Co Ltd, a subsidiary of China Investment Corp, are expected to keep their significant stakes in the new firm.