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Bank of Beijing, one of the country's biggest city commercial banks, is expected to go public on the Shanghai and Hong Kong stock exchanges simultaneously, according to sources close to the bank.
The bank, 19.9 percent owned by International Netherlands Groups, did not provide a fund-raising target for the offer, but people familiar with the deal have said the bank aims to raise about $8 billion from Hong Kong.
The simultaneousinitial public offering(IPO) on the two exchanges is expected to take place in the third quarter of 2007, sources said.
Bank of Beijing will likely go public in both Shanghai and Hong Kong in the third quarter of this year. [newsphoto] |
Bank of Beijing hopes to sell 1 billion shares at around 6 to 8 yuan on the Hong Kong stock exchange, according to the source.
According to statistics from the Beijing bureau ofChina Banking Regulatory Commission, Bank of Beijing's profit hit 2.06 billion in 2006, a 70.8 percent increase from the year before.
After handing over its application to China Banking Regulatory Commission on May 31, the bank chose Goldman Sachs to be the IPOunderwriter.
Sources said Bank of Beijing has improved its corporate governance and raised its standards for managing risky loans.
Established in 1995, the bank has aggressively modernized in recent years. It has established branches with good services, and has been praised for its electronic banking service.
The bank plans to open its second local bank in Shanghai this September, after opening a branch in Tianjin.
The bank is now concentrating on product innovation and network building.
Bank of Beijing is expected to become the first listed city commercial bank.
The bank's listing follows a trend among China's top banks.
China CITIC Bank, the country's seventh-biggest commercial bank, raised $3 billion in April from its simultaneous IPO.
Last year, theIndustrial and Commercial Bank of Chinaraised $21.9 billion in its Hong Kong and Shanghai IPOs, the world's largest.China Construction Bankraised US$8 billion when it entered the Hong Kong exchange in October 2005.
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