BEIJING - The Shanghai and Hong Kong-listed China Everbright Bank said on Saturday that the State Council, China's cabinet, has approved the proposed restructuring of its parent company China Everbright (Group) Corporation.

According to the restructuring proposal, the corporation will be transformed from a wholly State-owned enterprise to a joint stock company and will be renamed China Everbright Group Corporation.

The new company will be jointly established by the Ministry of Finance and Central Huijin Investment Ltd.

The ministry's capital contribution will comprise of its equity interest in China Everbright (Group) Corporation, its equity interest in China Everbright Holdings Company Ltd and the principal and interest of the credit extended to China Everbright (Group) Corporation by the ministry.

The capital contribution of Huijin will comprise of the nine billion shares it holds in China Everbright Bank, its equity interest in China Everbright Industrial (Group) Company Ltd and the principal and interest of the loans from the People's Bank of China.

The bank said that the restructuring is led by the Chinese government, and that it will cooperate with Huijin and China Everbright (Group) Corporation to implement the proposals.

China Everbright (Group) Corporation's businesses have covered bank, securities, insurance, trust, investment bank and assets management since its founding in 1983.

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