That leaves Mongolia's biggest bank, the state-owned Trade and Development Bank.
The likely buyer of Daewoo is the state-owned Korea Development Bank.
On September 13th, six days before the Singapore meeting, Hilary Benn, the British Secretary of State for International Development, announced that the United Kingdom was withholding from the World Bank a fifty-million-pound payment, to protest the conditions the bank attached to aid.
ICICI, a former state development bank, will put the group in the league of State Bank of India, the country's biggest bank.
But China and Russia, who are have been setting up new SWF's, are set to make bigger and more ambitious purchases through state-owned companies like Gazprom and the China Development Bank (CDB).
Over the past few years, state-owned financial institutions, mainly the Export-Import Bank of China and the China Development Bank, have extended tens of billions of dollars to Brazil, Russia and Kazakhstan, among other countries.
In Brazil, where it is often said that an activist industrial policy helps to explain why the economy has been thriving, a surging state-owned development bank, BNDES, is probably crowding out other sources of finance (see article).
Of course, the system only nets out that way because of low-interest loans from a Japanese development bank, with the remaining favorable financing from the state and national governments.
DBS, once the Development Bank of Singapore and still the banking face of the island state and its Temasek investment fund, is seen pushing outward from its Southeast Asian base toward a broader pan-Asian presence.
Brazil, Russia, India and China (and newcomer South Africa) want to set up their own regional development bank, heads of state said in India on Wednesday at the annual BRICS Summit.
On 6 April, AFL-CIO President Lane Kirkland in a letter to Secretary of State James Baker expressed strong opposition to Soviet membership in and borrowing privileges with the European Bank for Reconstruction and Development (EBRD).
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