Central Huijin to inject funds into Everbright Group

Central Huijin Investment Ltd is to turn China Everbright Bank shares it owns into funds to be injected into the Everbright Group.

The move, announced on the China Everbright Bank's website late on Wednesday, is aimed at consolidating financial reports of Everbright Group and Everbright Bank.

Central Huijin is an investment company owned by the central government, and is also a wholly owned subsidiary of the China Investment Corporation. The Everbright Group is a State-owned financial group with business ranging from banking to securities and insurance.

The announcement said the restructuring plan has been approved by the State Council, China's cabinet, but the detailed plan has yet to be approved by relevant departments.

This is the latest step in the group's 10-year restructuring process. In 2007, Central Huijin injected 20 billion yuan ($3.18 billion) into the endangered China Everbright Bank. The bank's performance has improved significantly since its IPO in 2010.

The latest financial report from China Everbright Bank showed its revenue in 2012 increased 29.7 percent to 59.79 billion yuan. Net profit to be transferred to its parent company's shareholders rose 30.74 percent to 23.62 billion yuan.