Search
Close this search box.

Postal Savings Bank of China to raise A$9.26 billion before IPO

Hong Kong
Uncategorized
Investment

(28 September 2015 – Hong Kong) Postal Savings Bank of China Co. is closing in on an agreement to raise more than US$6.5 billion (A$9.26 billion) from investors ahead of a public offering, sources have told Bloomberg.

People close to the deal said UBS is seeking to invest about US$2.5 billion. DBS Group Holdings is buying about US$250 million of shares, while International Finance Corp. and JPMorgan Chase & Co. will also invest. Domestic investors include Alibaba, Tencent and China Life Insurance.

According to the article, Postal Savings Bank is selling about a 15 percent stake to outside investors.

The bank is still finalising the allocations for the group of Chinese and domestic investors, one person said. It plans to make an announcement as soon as next week, and the total allocation could rise to US$7 billion or more as commitments come in, the people said.

In January, Postal Savings Bank and DBS agreed to set up a joint venture consumer finance company, with DBS investing 120 million yuan (A$26.9 million) for a 12 percent stake.

Connect
with East

At East & Partners we work together as one firm to serve our clients wherever they need us.

Our collective knowledge and experience across globalĀ  markets helps us guide clients on the intricacies of each region while enabling cohesion across their global footprint. Apples with apples and pears with pears in complex and demanding financial services markets
globally.

Lookup
subscribe
This field is for validation purposes and should be left unchanged.