China Life eyes China Devt Bank, foreign banks

BEIJING, March 9 (Reuters) - China Life (2628.HK: Quote, Profile, Research) is interested in taking a stake in China Development Bank and in buying into foreign banks, Yang Chao, the chairman of the country's top insurer, said on Sunday.

China Development Bank (CDB) received a $20 billion infusion of state capital late year in preparation for its restructuring into a bank that makes loans on commercial rather than political grounds.

Speaking to reporters, Yang also restated his wish to buy into Agricultural Bank of China [ABC.UL], one of China's big four state lenders, which is still awaiting a government bail-out.

"We are in talks with them and we don't exclude the possibility of becoming their strategic investor," he said during the annual session of the National People's Congress, China's legislature.

"Both are very good, especially China Development Bank," Yang said, citing the quality of CDB's assets and its authoritative name in the markets.

Like CDB, AgBank is preparing an internal restructuring that will lead to the introduction of new shareholders.

"Whether we will become a strategic investor and how big a stake we will hold depends on its restructuring plan," the China Life chief said of AgBank.

Yang said last week that China Life was looking for an overseas acquisition. On Sunday, he said he was looking at the banking sector. He named no targets.

"We are confident in our investment in banks, especially in some domestic banks. Of course, if there are opportunities overseas that we consider appropriate we will make the same decision," Yang said.