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Bank sets sights on 2012 stock listing

CHINA'S Bohai Bank is aiming to be listed by 2012 or 2013, its chairman said yesterday in Shanghai.

The Tianjin-based bank wants to be listed in Hong Kong or on the Chinese mainland and plans to expand its total assets to between 250 billion yuan (US$37 billion) and 300 billion yuan by the time of the listing, said bank chairman Liu Baofeng.

The bank's total assets topped 81.6 billion yuan at the end of March.

Bohai Bank plans to expand its nationwide branch network to 14 from the current eight branches, Liu said.

"2009 is a key period for the bank to embark on a path of fast development, and network expansion will be part of the development," Liu said.

The bank yesterday opened its Shanghai branch to penetrate deeper into the Yangtze River Delta region.

"Shanghai's smooth economic and financial environment offers our bank a huge market plus development potential," Liu said.

China plans to build Shanghai into a world-leading financial center by 2020. The city is already home to about 60 percent of the country's total overseas banks. Shanghai is home to China's biggest stock market, its biggest futures exchange, and its only gold exchange, foreign currency exchange and diamond exchange.

Twenty-five percent of China Bohai Bank is controlled by Tianjin TEDA Investment Holding Co and 19.99 percent is owned by Standard Chartered.


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