Saab's Dutch owner and China's Zhejiang Youngman Lotus Automobile have agreed that the Bank of China will gain part ownership of the Swedish car maker, according to a source with knowledge of the deal.

Bank of China, the nation's fourth-largest bank by market value, will replace Chinese investor Pang Da Automobile Trade Co. Youngman. Bank of China and Zheijiang Youngman will own just less than 50 percent of the company.

General Motors (GM.N), which still has preferential shares in Saab, rejected an earlier rescue plan. It said in November it would stop supplying components and technology if Youngman and Pang Da succeeded with their acquisition bid.

The new rescue plan has been handed over to GM.

China's business press carried the story above on Monday.