BOC's Liu says restructuring plan approved by PBOC

Bank of China President Liu Mingkang said on Thursday its proposed restructuring plan had been approved by China's central bank, the People's Bank of China.

Under the plan, the Bank of China's Hong Kong branch will be merged with 10 sister bank branches, reducing operating costs "dramatically". Liu told reporters in Hong Kong the plan was being reviewed by the Hong Kong Monetary Authority, the territory's de facto central bank.

The Bank of China, one of the four largest Chinese state-owned comm