CITIC looks for strategic investor
5 July 2006
China CITIC Bank is looking for a strategic investor ahead of a US$2 billion initial public offering, the Wall Street Journal reported. The bank's parent company, CITIC Group, is looking for an investor through its Hong Kong-listed offshore banking arm CITIC International Financial Holdings, although an official declined to comment on any shortlisted investors, saying talks are at an early stage. Anybody chosen would be expected to pay a premium of up to 1.22 times the bank's audited asset value, in line with sales by other mainland banks.
