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 approached bosses at Temasek about buying its 17% stake in Standard Chartered.
However, Temasek has apparently turned down the offer due to the importance of its stake in Standard Chartered, the largest in the bank.
Chinese banks are interested in Standard Chartered due to the firm’s expansion into Africa, the Middle East and Asia.
Despite Temasek’s opposition, the news sent shares in Standard Chartered up 3.5% on the London Stock Exchange on Monday.