Postal Sav­ings Bank’s IPO to raise $25 bil­lion

China Daily (Canada) - - FRONT PAGE -

Postal Sav­ings Bank of China Co aims to raise up to $25 bil­lion with an ini­tial public of­fer­ing next year, peo­ple with knowl­edge of the mat­ter said.

The bank, which has the most out­lets among Chi­nese lenders, is 100 per­cent owned by China Post Group Corp, the sta­te­owned postal ser­vice provider. PSBC is bring­ing in out­side in­vestors as the na­tion aims to di­ver­sify the eq­uity own­er­ship of SOEs as part of the mixe­down­er­ship model, thus im­prov­ing the re­turns on state cap­i­tal. PSBC also wants to in­crease its cap­i­tal to meet the de­mands of devel­op­ment.

The bank had more than 5.57 tril­lion yuan ($891 bil­lion) of as­sets at the end of 2013. Sav­ings from in­di­vid­u­als ex­ceeded 5 tril­lion yuan on Dec 16, 2014.

The Fi­nan­cial Times re­ported that the bank is in talks with po­ten­tial in­vestors to sell mi­nor­ity stakes be­fore its IPO, in­clud­ing Zhe­jiang Ant Small & Mi­cro Fi­nan­cial Ser­vices Group Co, an af­fil­i­ate of Alibaba Group Hold­ing Ltd. (Photo 4)

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