China interested in Standard Chartered

19 November 2007

China's three biggest banks have approached Temasek, Singapore's state investment agency, hoping to buy its stake in Standard Chartered, the Financial Times reports.

Industrial and Commercial Bank of China, Bank of China and China Construction Bank have all contacted bosses at Temasek about buying its 17 per cent stake in Standard Chartered, the British emerging-markets bank.

However, Temasek has reportedly refused all the offers due to the perceived importance of its stake in Standard Chartered, which is the largest in the bank.

Chinese banks are apparently interested due to the firm's expansion in Africa, the Middle East and Asia.

Despite Temasek remaining defiant, the news sent shares in Standard Chartered up 3.5 per cent on the London Stock Exchange on Monday.

Standard Chartered has refused to comment on any approaches, but a spokesman told the Financial Times: "We believe we have a strong future as an independent bank."

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