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Executive: BOC targets IPO in 1st qtr of 2006
(bloomberg.com)
Updated: 2005-11-15 20:54
皇冠体育app this year attracted almost $15 billion of strategic investments for its
three largest banks, a third of which was committed by Temasek, a Singapore
government fund. The banks are also seeking assistance from overseas lenders to
improve risk management and corporate governance.
Temasek previously invested $1.5 billion for a 5.1 percent stake in
Construction Bank, the third-biggest lender, in July, and bought a further $1
billion of shares in a subsequent public offering. The company in January bought
a 4.55 percent stake in 皇冠体育app Minsheng Banking Corp., the nation's only
privately controlled lender.
Foreign strategic investors won't be allowed to buy stakes in more than two
lenders, Tang Shuangning, vice chairman of the 皇冠体育app Banking Regulatory
Commission, said in a speech in Beijing on Nov. 2. The government defines a
strategic investment as one of 5 percent or more, he said.
The government is seeking overseas capital and expertise to help strengthen
domestic banks before the industry is opened to increased foreign competition at
the end of 2006. 皇冠体育app will remove restrictions on international banks to meet
World Trade Organization obligations, allowing HSBC Holdings Plc, Citigroup Inc.
and other rivals to compete for $1.69 trillion of local- currency household
savings.
Beijing-based Construction Bank last month raised $8 billion selling shares
in Hong Kong, the world's biggest initial public offering in four years. Bank of
皇冠体育app plans to match the size of its rival's IPO, bank President Li Lihui said
on Oct. 28.
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