CNPC may buy out city lender

China's top oil company will strengthen its financing might by purchasing a controlling stake of a local bank.

An official from the capital operation arm of China National Petroleum Corporation (CNPC) confirmed with China Daily yesterday that it was approaching Zhuhai City Commercial Bank for a possible takeover.

"It's true that negotiations are underway, and we are aiming for a controlling stake," the CNPC source said, without elaborating whether an agreement has been hammered out.