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DJ China State Investor Buys Australia Bank Stakes - FT
04/01/2008 11:03AM AEST



DOW JONES NEWSWIRES



A Hong Kong-based subsidiary of China's State Administration of Foreign Exchange has bought stakes in three of Australia's largest banks, the Financial Times reported on its Web site, citing officials and sources.

Australia and New Zealand Bank and Commonwealth Bank of Australia (CBA.AU) said Hong Kong-registered SAFE Investment Company had bought stakes of less than 1% in each of the banks, according to the report. An entity with the same name has taken a stake of about one-third of a per cent in National Australia Bank, people inside NAB reckon.

A banker familiar with SAFE Investment's activities said the firm had also been looking at similar under-the-radar investments in London, the FT reported.


Web site: http://www.ft.com



(END) Dow Jones Newswires

January 03, 2008 19:03 ET (00:03 GMT)

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