By staff reporter Zhang Man
From Caijing Online

RBS China, Bank of China’s (BOC) (SSE: 601988, HKSE: 03988) biggest foreign investor, will sell stakes for five of its secondary foreign shareholders, including a subsidiary of the Li Ka Shing Foundation.

RBS filed a request to decrease its holdings, BOC spokesman Wang Zhaowen told Caijing reporters on December 8.

RBS China, established by six foreign enterprises just to buy stakes in BOC, bought 20.9 billion H shares in Bank of China in 2005.

Magnitico Holdings Limited, a subsidiary of the Li Ka Shing Foundation that holds 24.2 percent stake in RBS China, will sell its 2 billion BOC H shares, a source told Caijing reporters.

Without signing stock agreements, the five shareholders are not obligated to inform Bank of China before selling stocks, said the source.

Other shareholders include Temmurgal Holding Co. AB, a subsidiary of D.E. Shaw Group, Oaktree Cyprus Principal Investments Limited and OZ Sculptor Limited.