A Hong Kong-based subsidiary of China's State Administration of Foreign Exchange (SAFE) has bought stakes in three of Australia's largest banks, London's Financial Times reported Friday, citing unidentified sources in the banks.

SAFE Investment Company has bought stakes of less than 1 percent worth in each of the banks -- Australia & New Zealand Banking Group, Commonwealth Bank and National Australia Bank -- the newspaper reported. Each stake is worth about 200 million Australian dollars.

The investments were made in the past two months and built up during several weeks so as not to move the banks' share prices or trigger mandatory disclosure requirements, the newspaper said, citing an internal report by one of the banks.

SAFE Investment Company is also looking at similar investments in London, the newspaper said, citing an unidentified banker familiar with the firm's activities.

SAFE, which manages more than 1.43 trillion US dollars in foreign exchange reserves, denied knowledge of the Australian bank investments or any investments in London companies, according to the report.

Australia & New Zealand Bank, Commonwealth Bank and National Australia Bank have made significant moves into mainland China via stakes in domestic banks or establishing their own branches.