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China Comms bank looks to overseas listing in 2005

China Comms bank looks to overseas listing in 2005

(8 July 2004 – China) China’s fifth largest lender, Bank of Communications, is reportedly aiming at listing shares overseas in 2005 following completion of a restructure. By then almost one fifth of the bank could be owned by HSBC which is currently in talks to buy a 19.9 percent stake in the Chinese bank.

Regulators in China said both parties had reached a basic agreement and some analysts have estimated that HSBC will need to pay somewhere between US$1 to 2 billion for a stake in the bank.

According to reports, Bank of Communications is looking to attract a foreign shareholder and admit them to its board of directors as part of a wider restructuring program.

The Chinese savings market is valued at US$1.3 trillion.
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