National Council for Social Security Fund Sells Large Stake in Bank of Communications
Posted on 04/04/2019
National Council for Social Security Fund (NSSF) stood to generate an estimated 9 billion RMB (US$ 1.34 billion) by selling down its stake, no more than 1.49 billion shares (around 2% of the stock), in state-owned Bank of Communications. NSSF is Bank of Communications’ third largest shareholder.
In 2012, NSSF became a strategic investor in the Bank of Communications by picking up 1.88 billion shares for 8.54 billion RMB.
NSSF said the decision to lower its position in the bank was made on its own investment considerations.
