AGRICULTURAL Bank of China yesterday played down a report that a long-awaited plan to overhaul the bank will soon be ready and is likely to include a capital injection of US$25 billion to US$30 billion.

The China Securities Journal said Central Huijin, the central bank’s investment arm, and the finance ministry would own equal shares in ABC, the only big State-owned lender that has not been bailed out by the government and floated on the stock market.

Asked about the report, ABC vice president Han Zhongqi told reporters: “That’s impossible because our work hasn’t got to that stage yet. Talking about who will inject how much money into us cannot be true.”

ABC, China’s second-largest bank by assets, has more than 700 billion yuan (US$90.45 billion) worth of non-performing loans soiling its balance sheet.

Han said the bank hoped to decide by June how to clean up the mess.

The newspaper reaffirmed that policymakers aim to complete ABC’s restructuring by the end of the year and to float shares in 2008. Deloitte & Touche had completed an external audit of the bank’s assets, while a government audit was still underway, the report said.(SD-Agencies)