| CITIC bank eyes dual-listing |
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issue time:2007-03-10 08:12
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Feb. 13, 2007 (China Knowledge) – CITIC Bank, China's seventh largest lender, could raise as much as US$3 billion from dual-listing in Shanghai and Hong Kong before the second quarter of 2007.
But the timing of the bank's IPO is subject to the progress of regulatory approvals, the China Securities Journal reported, quoting Kong Dan, chairman of CITIC Group, the bank's parent company.
The IPO share size and the indicative price range have yet to be decided.
Last year, the Beijing-based bank issued RMB 6 billion in bonds and received a RMB 5 billion cash injection from its parent to improve its capital adequacy levels.
The bank also successfully attracted strategic investors, selling 16.4% stake to CITIC International Financial Holdings, CITIC Group's Hong Kong-based flagship company, and a 5.0 per cent share to BBVA, Spain's second largest bank.
According to Kong, the bank's net profit last year was RMB 3.9 billion, while non-performing loans accounted for 2.5% of its portfolio.
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