Xiamen bank eyes IPO

(Shanghai Daily)
Updated: 2007-06-12 09:09

Xiamen International Bank is planning to sell shares to fund expansion, a source said yesterday.

The joint venture lender has consulted Haitong Securities Co to underwrite a yuan-backed A-share initial public offering, according to the source.

The Fujian Province-based bank has to cut the holdings of its overseas investors to below 25 percent to apply for a mainland market listing.

The overseas shareholders are Japan's Shinsei Bank Ltd, which holds 10 percent of the bank; Asian Development Bank, with a 10 percent stake; and US-based Sino Finance Group Co, with five percent.

The country's biggest lender, the Industrial and Commercial Bank of China, owns an 18.75 percent stake.

The Xiamen bank has also asked Goldman Sachs Gaohua Securities and China International Capital Corp for an IPO proposal and expects a listing in 2008, Reuters reported yesterday, citing unnamed sources.

The bank may raise up to five billion yuan (US$650 million) through the listing after restructuring, the report said.

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