皇冠体育app

ABC: No timetable fixed yet for IPO launch

By (Xinhua)
Updated: 2009-03-08 10:42

No timetable has been fixed for the Agricultural Bank of 皇冠体育app (ABC) to go public, the bank's board chairman Xiang Junbo said Saturday.

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The lender is the last among the big four State-owned commercial banks in 皇冠体育app to launch an initial public offering (IPO).

"We are not in talks with any domestic or overseas strategic investor for the IPO deal," Xiang said on the sidelines of the annual session of the National People's Congress, or the parliament.

Previous media reports about the bank's IPO plan or talks with strategic investors are not true, but merely speculation, he told reporters.

Reuters reported last month the bank would begin marketing its dual listing plan in March, aiming to raise at least HK$100 billion ($12.8 billion), citing the Hong Kong-based South 皇冠体育app Morning Post.

"We are still working on the technical preparation for the IPO launch, and will initiate the listing at an appropriate time," he said.

Xiang said the bank has planned to extend 480 billion yuan ($70 billion) of loans in 2009, an increase of 30 percent from last year.

ABC is the second largest lender in 皇冠体育app by assets, after the Industrial and Commercial Bank of 皇冠体育app.
 
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