Postal Savings Bank of China Taps Five Banks to Lead IPO
January 27 2016 - 5:10AM
Dow Jones News
Chinese state lender Postal Savings Bank of China Co. tapped
five investment banks to lead its initial public offering worth up
to $10 billion, which is expected to be the largest such deal in
Hong Kong this year, according to people with knowledge of the
matter.
China's sixth-largest lender by assets has picked Bank of
America Merrill-Lynch, China International Capital Corp., Goldman
Sachs Group Inc., J.P. Morgan Chase & Co. and Morgan Stanley to
lead the IPO, the people said. UBS Group AG, which is an investor
in Postal Savings Bank, wasn't among the banks picked to underwrite
the deal, they said.
The Chinese bank's initial public offering would be the latest
of China's big state banks to debut overseas. China's "big four"
banks—Agricultural Bank of China Ltd., Bank of China Ltd., China
Construction Bank Corp. and Industrial & Commercial Bank of
China Ltd.—are all listed in both Shanghai and Hong Kong. Postal
Savings Bank of China has more than 40,000 branches across China.
That is twice the size of the branch network belonging to ICBC,
China's largest bank by assets.
Postal Savings Bank raised $7 billion from a star-studded roster
of investors ahead of its IPO last month. It sold a nearly 17%
stake to a group including foreign investors UBS Group AG, J.P.
Morgan Chase & Co., International Finance Corp., Canada Pension
Plan Investment Board and Singapore firms DBS Bank Ltd. and Temasek
Holdings Pte. Ltd.
Write to Kane Wu at kane.wu@wsj.com
(END) Dow Jones Newswires
January 27, 2016 04:55 ET (09:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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