Everbright Bank plans private placement
23 August 2004
China Everbright Bank is planning a private placing to mainland and overseas companies later this year as part of efforts to improve its balance sheet in preparation for a stock market listing. The placing could include shares worth as much as RMB 9 billion (US$1.08 billion). Standard Chartered is in talks to acquire a 15% stake in Everbright Bank. Everbright Bank has a capital adequacy ratio of 4.65%, which analysts said it must improve before a listing. As China's eighth-largest lender, Everbright is less likely to receive the same level of national support as the big four state banks and must depend on local and overseas investors to help it prepare for a listing.