Bank of China Unit Plans Media Fund

HONG KONG (Reuters) – BOC International Holdings Ltd, the flagship investment banking arm of Bank of China (601988.SS) (3988.HK), is planning to set up a private equity fund focusing on the domestic media industry, sources said on Wednesday.

A fund-raising team led by Li Tong, Deputy Chief Executive of Hong Kong-based BOC International, has been in talks with potential investors including several major state-owned media groups on the new fund in the past few weeks, said the sources.

The size of the new multi-billion-yuan fund is not yet fixed, pending progress in negotiations with potential investors, said the sources close to the situation.

The sources declined to be identified due as the fund-raising process is confidential. BOC International declined to comment.

(Reporting by George Chen; Editing by Jonathan Hopfner)