Banking News
- CITIC Bank eyes HK/Shanghai IPO
Date: 6-Feb-2007 Sources: (Shenzhen Daily)
CHINA CITIC Bank, the country's No. 7 commercial bank, plans to raise as much as US$3 billion in a Hong Kong/Shanghai dual listing in April, people familiar with the deal said yesterday.
The Beijing-based lender, in which Hong Kong-listed CITIC International Financial Holdings Ltd. holds a 16.4 percent stake, plans to offer 15 to 20 percent of its share capital at a discount to peers, the sources said. Banco Bilbao Vizcaya Argentaria, the second-biggest bank in Spain, has an option to increase its holding to 9.9 percent after the listing of CITIC Bank. Banco Bilbao Vizcaya Argentaria paid 501 million euros (US$649.1 million) for 5 percent of CITIC Bank last year.
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