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China's CITIC Bank seeking to list in HK

(Xinhua)
Updated: 2006-06-16 13:54

China CITIC Bank is planning a share listing in Hong Kong by the end of this year, followed by another share offering in China's inland market, its president said on Friday.

CITIC is joining a Chinese bank listing parade ahead of the full opening of China's financial market to foreign rivals. China hopes its banks will improve corporate governance and business through public listings.

CITIC Bank president Chen Xiaoxian told Xinhua the bank is targeting an initial public offering of over 15 billion Hong Kong dollars to shore up its balance sheets.

CITIC is also projected to sell a 5-10 percent stake to strategic investors, Chen said. "A slew of world renowned financial institutions, including private funds, commercial banks and investment banks, are eyeing CITIC, as a piece of fat meat in terms of profits," he added.

CITIC is one of China's 13 national shareholding banks, smaller than the "big four" state banks, who have either gone public or are seeking to do so.