(8 February 2006 – China) Bank of China is still on track to list in the first half of 2006 despite recent reports that the bank’s initial public offering could be put back until later in the year.Reports in China now indicate that BOC will list in Hong Kong by the end of May and start selling ‘A’ class shares on the mainland later in 2006.
Earlier in the year sources said the US$8 billion IPO might be postponed because of complications over whether the bank would have to list on the exchange in mainland China.
However, the bank has said it would narrow the period between listing in Hong Kong and China, a move which it hopes will mean the application is approved by Chinese authorities.
In September 2005, UBS, which is one of the BOC’s co-managers, sank US$500 million into the bank.
BOC has also promised to strengthen internal procedures after former staff members were charged in the US over a scheme to defraud the bank of some half a billion dollars over a period of 13 years.