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Bank of Comm eyes local listing within five years

Bank of Comm eyes local listing within five years

(18 July 2005 – China) China’s Bank of Communications has its sights on listing on the Chinese stock exchange within three to five years. The bank’s president Zhang Jianguo said listing within two years was unlikely but that it would occur within five years.

The bank listed its operations in Hong Kong last June after raising US$1.88 billion in its initial public offering, one of the largest overseas sale by a Chinese bank.

Investor confidence was boosted by HSBC’s involvement. HSBC has a 19.9 percent stake in China’s fifth biggest lender. This week Bank of Communications and HSBC launched a dual currency credit card.

Zhang said the bank was working closely with the Chinese government as it reforms the country’s banking sector.

The bank confirmed last week’s report that it was setting up a shareholding insurance company through its wholly owned Hong Kong subsidiary China Communications Insurance Co.

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