AgBank share sale moves closer

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AgBank share sale moves closer

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The state owned Agricultural Bank of China has reportedly received regulatory approval for an initial public offering of shares in Shanghai.

That moves it closer to launching what is expected to be the world’s biggest ever IPO.

However it is not clear when that will happen and the sales of shares could well be scaled back due to weak market conditions.

AgBank was founded by Mao Zedong in the 1950s as the rural arm of China’s central bank.