Banking News
- Hangzhou bank plans $658m IPO
Date: 21-Aug-2007 Sources: (Shenzhen Daily)
HANGZHOU City Commercial Bank plans to raise about 5 billion yuan (US$658 million) through a domestic initial public offering (IPO) of shares as early as next month, two sources close to the situation said yesterday.
The Hangzhou bank, in which Commonwealth Bank of Australia owns a near 20-percent stake, has submitted its IPO application to the China Regulatory Securities Commission and is likely to list in September, the sources said. The bank has hired Morgan Stanley's investment bank joint venture, China International Capital Corp., as its IPO underwriter, the sources said.
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