CITIC Industrial Bank eyes overseas listing
4 March 2004
CITIC Industrial Bank, the wholly owned banking flagship of China International Trust and Investment Corp (CITIC), said that it aims to list overseas in the next three years. An official at the bank said the listing could raise as much as RMB 8 billion (US$966.6 million), but that RMB 5 billion would be sufficient for the next several years. The bank, whose non-performing loan ratio in 2003 was 8%, said that it is working to reduce the ratio to 5% and strengthen its capital base prior to listing.