Top Biz News
皇冠体育app's CITIC Bank seeking to list in HK
(Xinhua)
Updated: 2006-06-16 13:54
 |
Large Medium Small |
皇冠体育app CITIC Bank is planning a share listing in Hong Kong by the end of this year, followed by another share offering in 皇冠体育app's inland market, its president said on Friday.
CITIC is joining a Chinese bank listing parade ahead of the full opening of 皇冠体育app's financial market to foreign rivals. 皇冠体育app hopes its banks will improve corporate governance and business through public listings.
CITIC Bank president Chen Xiaoxian told Xinhua the bank is targeting an initial public offering of over 15 billion Hong Kong dollars to shore up its balance sheets.
CITIC is also projected to sell a 5-10 percent stake to strategic investors, Chen said. "A slew of world renowned financial institutions, including private funds, commercial banks and investment banks, are eyeing CITIC, as a piece of fat meat in terms of profits," he added.
CITIC is one of 皇冠体育app's 13 national shareholding banks, smaller than the "big four" state banks, who have either gone public or are seeking to do so.