ABN AMRO looks to Guangdong
21 October 2005
Dutch bank ABN AMRO and Ping An, China's second largest insurer, are considering purchasing a stake in Guangdong Development Bank with a view to restructuring the troubled lender, the Standard of Hong Kong reported. The Guangzhou-based bank plans a US$700 million IPO next year, after it offloads some of its US$5 billion in bad loans. China Construction Bank raised US$8 billion in its Hong Kong IPO as the subscription offering period for the bank's retail tranche ended Wednesday. CCB priced its shares at US$0.30, towards the high end of the indicative price range, but the offering was still 40-50 times oversubscribed.
