Postal bank files US$10b IPO in HK
Print Edition
STATE-OWNED Postal Savings Bank of China, the country’s largest bank by number of branches, has filed for a Hong Kong initial public offering seeking to raise up to US$10 billion, Thomson Reuters IFR said yesterday.
The filing of the preliminary IPO prospectus sets in motion what is expected to be the world’s biggest new listing in about two years, valuing the bank at about US$50 billion, IFR said, citing sources close to the deal.
The IPO, aimed at raising between US$7 billion and US$10 billion, could happen as early as September, it said. A PSBC spokeswoman declined to make comment on the filing.
PSBC, which has more than 40,000 branches nationwide and is seen to have a lower ratio of bad loans than rivals, was set up as a deposit-taking bank in 2007, using the network of the former postal savings bureau.
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