PSBC launches US$8.1 bil­lion IPO

The Myanmar Times - - International Business -

POSTAL Sav­ings Bank of China (PSBC) has launched an ini­tial pub­lic of­fer­ing in Hong Kong worth US$8.1 bil­lion – the world’s big­gest flota­tion this year.

The Bei­jing-based lender is of­fer­ing 12.1 bil­lion shares at HK$4.68 to HK$5.18 each, ac­cord­ing to Bloomberg, which said cor­ner­stone in­vestors are ex­pected to buy the ma­jor­ity of the stock.

The list­ing is ex­pected be the big­gest since that of Chi­nese In­ter­net gi­ant Alibaba in New York in 2014, which raised $25 bil­lion.

PSBC is China’s fifth-largest lender with 40,000 branches – more than any other bank in the coun­try – and around 70 per­cent in ru­ral ar­eas.

Founded in 2007, it pro­vides ba­sic bank­ing ser­vices to farm­ers and agri­cul­tural busi­ness own­ers, and it is the only fi­nan­cial in­sti­tu­tion present in some of the coun­try’s most re­mote re­gions.

Ac­cord­ing to the lat­est fig­ures, PSBC’s to­tal as­sets reached 7.7 tril­lion yuan by March.

Its net profit rose 11pc year-onyear in the first quar­ter to 12.48 bil­lion yuan. –

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