Guangdong bank to push IPO this year
By Zhang Fengming |
March 13, 2010, Saturday
|
Print Edition
Print Edition
GUANGDONG Development Bank is planning an initial public offering this year to replenish capital, its president said in a statement yesterday.
The bank, partly owned by United States-based Citigroup, posted a 22 percent rise in net profit in 2009 on improvement in asset quality after it was bought by a Citigroup-led consortium, the bank said, quoting unaudited annual data.
"The bank will push forward the IPO this year," said Michael G. Zink, president of the bank.
The bank is now studying where to list and how much capital to raise. The bank listed the public offering, attracting and retaining professionals and branding as its three priorities this year, Zink said.
Chinese banks are queuing to raise funds this year to meet a stricter capital requirement set by the regulator. China Merchants Bank, the Bank of Communications and the Bank of China are among lenders which have announced plans to raise capital this year.
The Guangdong bank, once saddled with bad loans, returned to the black in 2007 after the Citigroup-led consortium nurtured it back onto a growth path. Its outstanding loans grew 22 percent year on year in 2009 to 380.9 billion yuan (US$55.8 billion).
The bank said it will focus on the Yangtze River Delta and the Bohai Bay regions.
Citigroup and its partners in December 2006 beat Societe Generale SA and Ping An Insurance (Group) Co when it paid US$3.1 billion for a 85.6 percent stake in the Guangdong bank.
The bank, partly owned by United States-based Citigroup, posted a 22 percent rise in net profit in 2009 on improvement in asset quality after it was bought by a Citigroup-led consortium, the bank said, quoting unaudited annual data.
"The bank will push forward the IPO this year," said Michael G. Zink, president of the bank.
The bank is now studying where to list and how much capital to raise. The bank listed the public offering, attracting and retaining professionals and branding as its three priorities this year, Zink said.
Chinese banks are queuing to raise funds this year to meet a stricter capital requirement set by the regulator. China Merchants Bank, the Bank of Communications and the Bank of China are among lenders which have announced plans to raise capital this year.
The Guangdong bank, once saddled with bad loans, returned to the black in 2007 after the Citigroup-led consortium nurtured it back onto a growth path. Its outstanding loans grew 22 percent year on year in 2009 to 380.9 billion yuan (US$55.8 billion).
The bank said it will focus on the Yangtze River Delta and the Bohai Bay regions.
Citigroup and its partners in December 2006 beat Societe Generale SA and Ping An Insurance (Group) Co when it paid US$3.1 billion for a 85.6 percent stake in the Guangdong bank.
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