YEREVAN, June 26. /ARKA/. Postal Savings Bank of China Co., the lending arm of state-owned China Post Group Co., plans to seek more than $4 billion in an initial public offering in Hong Kong and Shanghai, people with knowledge of the matter said.
The Beijing-based bank will seek to list as soon as next year, said the people, who asked not to be identified because the information is private. Postal Savings Bank plans to select investment banks for the IPO in the second half, they said.
The lender is attempting the biggest Chinese banking IPO in more than four years, according to data compiled by Bloomberg. Agricultural Bank of China Ltd. raised $22 billion in Hong Kong and Shanghai in July 2010, the data show.
Postal Savings Bank had about 39,000 outlets across China and 5.42 trillion yuan ($870 billion) of total assets at the end of September, according to its website. It posted a profit of 28.4 billion yuan in 2012, the website shows.
The lender’s press office in Beijing didn’t respond to an e-mail seeking comment. –0–
