CITIC Bank plans Shanghai, HK listings
13 February 2007
China's seventh-largest lender, CITIC Bank, could raise as much as US$3 billion with its upcoming Shanghai and Hong Kong listings, the South China Morning Post reported. The timing of the bank's initial public offering is subject to regulatory approval and the size of the sale and price is yet to be determined, but it could take place before the end of the second quarter. The bank's net profit in 2006 was US$502.8 million, while non-performing loans accounted for 2.5% of its portfolio. Last year, Beijing-based CITIC issued US$769 million in bonds and received a US$641 million cash injection from its parent firm to improve its capital adequacy levels.
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