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Savings bank nets US$7b in stake sale
Print Edition
THE Postal Savings Bank of China said yesterday that it raised 45.1 billion yuan (US$7 billion) selling a stake to 10 investors, including JPMorgan Chase & Co.
The bank sold around 17 percent of its stake to be “the largest private placement in a Chinese financial institution,” the lender said in a statement.
The bank plans to work with investors to help develop other segments such as wealth management and micro-finance.
UBS Group AG, Canada Pension Plan Investment Board and the World Bank’s private investment arm, International Finance Corp, were among investors that bought into the stake. China Life Insurance Co, Tencent Holdings Ltd, China Telecommunications Corp and Alibaba Group Holding Ltd’s finance affiliate, Zhejiang Ant Small & Micro Financial Services Group Co, were also investors.
JPMorgan said in a separate note that it “will provide support and expertise to PSBC as it invests in and introduce new distribution capabilities while further strengthening its risk-management processes.”
Singapore’s DBS Bank said it will invest 1.55 billion yuan in the savings bank as part of its China strategy.
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