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Bohai Bank aims for 2012 listing

THE China Bohai Bank is aiming to get listed by 2012 or 2013, its chairman said today in Shanghai.

The Tianjin-based bank is aiming for a listing 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, Liu Baofeng said today in Shanghai.

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

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

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

The bank today opened a Shanghai branch to move more deeply into the Yangtze River Delta region.

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

It is expected that direct financing, and stock and bonds, in Shanghai will account for 25 percent of the country's total financial dealings and the city will be the base for 10 percent of the country's financial institutions.

The bank, which opened in 2006, has a registered capital of 5 billion yuan.

Bohai bank is 25 percent controlled by Tianjin TEDA Investment Holding Co and 19.99 percent owned by Standard Chartered. Other investors include China Ocean Shipping (Group) Co, Baosteel Group and State Development and Investment Corp.


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