ICBC, Postal prepare IPOs
14 June 2006
Two more banks are getting ready to ride the IPO wave, the South China Morning Post reported. China Postal Savings Bank, Beijing's latest financial institution, is preparing to raise US$257 million and aims to privatise. However, there are still outstanding issues to resolve, invlolving employee numbers, poor book quality and profitability. The bank was carved out of the country's postal system and may become the fifth largest in the country. The IPO could come next year. The Industrial and Commercial Bank of China plans to submit a listing application in Hong Kong on June 22 for a September listing that could raise US$12 billion.