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ICBC sets October date for largest IPO ever

ICBC sets October date for largest IPO ever

(27 September 2006 - China) China’s largest bank, Industrial and Commercial Bank of China (ICBC), has been given the green light to proceed with its planned initial public offering in Shanghai. ICBC said it expected to list in Shanghai and Hong Kong on 27 October.

The China Securities Regulatory Commission approved ICBC’s intention to raise around US$18 to 21 billion in two simultaneous IPOs in Hong Kong and on the mainland.

ICBC has already received the go-ahead from Hong Kong. The two listing combined will produce the largest IPO of all time, eclipsing Bank of China’s dual listing earlier this year.

The Kuwait Investment Authority and wealthy Hong Kong investors are among those who have already sunk billions into ICBC.

ICBC’s customer base includes some 2.5 million corporate customers and more than 150 million retail customers. At the end of June it had assets of US$891 billion.

Earlier this month, China Merchants Bank, which is the sixth largest bank in China, set out to raise US$2.4 billion through an initial public offering.
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