RETAIL BANKING | Tony Chua, China

StanChart to retain stake in AgBank

The lender’s CEO expressed satisfaction in its collaboration with the Chinese lender amidst speculation that foreign stakeholders may divest stakes in mainland banks.

Standard Chartered's chief executive has ruled out reducing its holding in Agricultural Bank of China after a lockup period expires, the South China Morning Post reported on Monday.

"We are very happy with the partnership (with AgBank)," the newspaper cited Standard Chartered CEO Peter Sands as saying. "We have become (AgBank's) preferred partner for its clients...(who) can make use of our international network."

There has been speculation that foreign stakeholders may sell down cornerstone stakes in mainland banks as lockup periods expire.

About 5.1 billion Shanghai-listed A shares and 12.4 billion Hong Kong-listed H shares will see their lockups expire on Friday and Monday, respectively, according to AgBank's annual report. Other cornerstone investors that bought into the IPO of China's No.3 bank by assets include the Kuwait Investment Authority and The Qatar Investment Authority.

View the full story in Reuters.

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