Banking News
- Everbright Bank targets June or July IPO
Date: 6-Dec-2007 Sources: (Shenzhen Daily)
MID-SIZED lender China Everbright Bank aims to go public in June or July next year after getting a capital injection from the government to clean up its books, domestic media quoted its chairman as saying yesterday.
Tang Shuangning, who is chairman both of Everbright Group and its banking unit, said the bank would bring a strategic investor, likely foreign, on board before floating shares. He also said the bank had still not decided whether to list in Shanghai or Hong Kong. Shareholders of Everbright Bank approved a government cash infusion plan last month to plug its debt-riddled balance sheet, partly the result of its takeover of the troubled China Investment Bank in the late 1990s.
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