The Bank of China aims to bring in strategic investors, including at least one foreign investor, the Financial News said Thursday, as the country's biggest foreign exchange lender moves towards a multi-billion-dollar IPO.

Last month, the Bank of China reorganized itself into a joint-stock firm, in which Central Huijin Investment held 100 percent of its shares on behalf of the government, preparing for an IPO worth up to US$4 billion expected to take place next year.

"The Bank of China is in talks with several big international institutions and the bank's strategic investors in the future will include at least one overseas investor," the newspaper quoted Zhu Min, the bank's assistant president, as saying.

"When we bring in strategic overseas investors, we not only want to bring in capital, but also advanced management experience and business mechanisms," Zhu said.

The Bank of China also could attract investment from big domestic companies, including private enterprises, Zhu added.

The Bank of China and China Construction Bank are spearheading a reform aimed at turning around the banking sector, which faces intense challenges as it opens to full foreign competition by 2007.

(Shenzhen Daily September 24, 2004)