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The Bank of Shanghai has submitted its listing application to the banking regulator and is targeting an initial public offering (IPO) this year, the Shanghai Securities News reported on Thursday, citing a government official.
Other State-run financial institutions in the city, including Guotai Junan Securities and Orient Securities, are also planning listings, and the Shanghai Rural Commercial Bank plans to launch an IPO within three years, Fang Xinghai, director of the Shanghai Financial Services Office, was quoted as saying.
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The paper did not specify the potential size of Bank of Shanghai's listing, but earlier media reports said it planned to issue up to 1.2 billion shares.
Some other city commercial banks are also seeking listings, including Chongqing Rural Commercial Bank Co Ltd, Bank of Beijing and Bank of Nanjing.
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