Temasek Holdings Rebalances Chinese Bank Portfolio
Temasek Holdings, one of Singapore’s sovereign wealth funds lowered its stakes in Chinese banks by selling off shares worth $2.48 billion. Temasek Holdings sold shares of China Construction Bank (1.6 billion shares) and the Bank of China (3.079 billion shares). This is after Temasek increased their stake in ICBC Bank in the middle of April when it purchased shares from Goldman Sachs. Temasek Holdings has about $18 billion invested in major Chinese banks, a significant portion of its investment portfolio. The rebalancing move enables Temasek Holdings cash for other opportunities in China and Southeast Asia.