A$10.8 billion IPO slated for Chinese bank
(20 June 2016 – China) China’s Postal Savings Bank (PSBC) may file for an initial public offering (IPO) of around US$8 billion (A$10.8 billion).
Although the total size of the deal has nearly halved from an expected US$15 billion in December 2015, the listing is expected to be the biggest this year.
The bank, which has the lowest bad loan ration among its domestic peers, is the last major state-owned lender to go public. PSBC drew some big name investors including Alibaba’s Ant Financial to its capital raising round late last year that valued it at nearly US$41 billion.
The bank is still waiting for some final approvals before deciding on the exact day of the filing, sources said.
PSBC has around 500 million clients and more than 40,000 branches nationwide. It was set up as a deposit-taking bank in 2007, using the network of the former postal savings bureau.
Subscribe