China’s Postal Savings Bank Files for Potential $10 billion IPO
State owned Postal Savings Bank of China, the country’s largest bank by number of branches has filed for a Hong Kong initial public offering seeking to raise as much as $10 billion. The IPO aimed at raising between $7 and $10 billion could happen as early as September.
“The IPO aimed at raising between $7 and $10 billion could happen as early as September. “
PSBC’s planned offering comes against the backdrop of a nearly 60 percent drop in Asia-Pacific share offerings, ex-Japan, in the first half of 2016 amid the weakest activity since 2008. PSBC, which has more than 40,000 branches nationwide and is considered to have a much lower ratio of bad loans than rivals, was set up as a deposit-taking bank in 2007, using the network of the former postal savings bureau.
About China Postal Savings Bank
At present, Postal Savings Bank has 37,000 business offices for savings service, 45,000 business offices for exchange service and 20,000 business offices for international remittance service. Postal Savings Bank of China will continuously diversify its service products, expand distribution channels and improve service functions relying on postal network’s advantages and according to the modern framework for corporate governance as well as the requirements of management for commercial banks to provide more complete and convenient basic finance services and create a modern bank with adequate capital, rigorous interior control, safe operation, complete functions and high competitiveness.
Visit: China Postal Savings Bank
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