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Temasek close to buying BOC stake - FT
Updated: 2005-08-25 08:38

Singapore's state investment agency Temasek Holdings is in the final stages of a deal to buy a 10 percent stake in Bank of China for $3.1 billion, the Financial Times reported on Wednesday.

Temasek has demanded warranties against a sudden deterioration in the state lender's finances, the FT reported on its Web site, citing people close to the situation.

The FT quoted insiders as saying no deal had yet been reached. It said talks were advanced but they could still collapse or result in Temasek taking less than 10 per cent.

Temasek Holdings Pte. Ltd., which manages some $54 billion of assets, has been acquiring banks in Asia and has stakes in lenders from India, Indonesia and South Korea.

The firm has signed an agreement to invest to $1 billion in China Construction Bank, China's third largest lender.

Foreign banks are rushing to get a foothold in China, which is keen to bring in foreign capital and expertise to a banking sector that boasts $1.5 trillion in personal savings.

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