China's Bank of Communications (BoCom) announced on Tuesday that its deep reforming plan has got approval by the State Council.
According to the plan, the State-owned bank will improve its management mechanism and optimize its shareholding structure, the bank said in a filing posted on the Shanghai Stock Exchange late on Tuesday.
Private capital is expected to be introduced to the bank, which said it will make a good use of strategic investors.
The bank's move is part of Chinese government's efforts to push forward the development of a more market-oriented financial system amid the economic slowdown.
Analysts said that more State-owned banks including Bank of China will follow suit.
