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Regulator approves Postal Savings Bank's HK IPO plan
http://www.ecns.cn/cns-wire/2016/06-28/216046.shtml
Jun 28th 2016, 16:37
ECNS Wire
A branch of Postal Savings Bank of China. (Photo/National Business Daily)
(ECNS) -- China Banking Regulatory Commission has given the go-ahead to Postal Savings Bank of China's plan to file its listing application with Hong Kong Stock Exchange.
The state-owned bank will sell no more than 13.92 billion shares, with funds raised intended for replenishment of capital, National Business Daily reported.
The initial public offering (IPO) is reportedly designed to raise about $8 billion, making it the largest in the world. But the bank declined to confirm the figure.
As a strategic step before the IPO, the financial institution attracted 10 investors late last year including Chinese tech firm Tencent, an online financial services affiliate of China's e-commerce leader Alibaba, and two State-owned enterprises.
With more than 40,000 branches across the country, the bank had total assets of about 7.3 trillion ($1.09 trillion) yuan by the end of 2015.
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