Banking News
- China Construstion Bank to list on mainland
Date: 12-Jan-2007 Sources: (Shenzhen Daily)
CHINA Construction Bank Corp. (CCB), the mainland's third-largest lender by assets, said it will 'eventually?list on the mainland, but didn't say when it hopes to do so.
CCB vice president Fan Yifei said it could list either A shares in the domestic market or Chinese Depositary Receipts, a mainland China version of American Depositary Receipts.
Fan said the bank remains undecided on the format and the timing of any mainland listing.
Just two months ago, the bank said it had no plans for an A-share initial public offering as it didn't have an urgent need for capital.
'Our major assets and clients are all in China,'Fan said Wednesday.
The bank would join a growing list of big mainland China companies that have already floated shares overseas to seek a listing on home ground.
CCB said Wednesday it intends to nearly double its Hong Kong branch network over the next three years.
The State-controlled lender, which last year bought Bank of America Corp.'s small Hong Kong and Macao operations for US$1.24 billion, also plans to expand in other parts of Asia in the 'near future,'said Samuel Tsien, chief executive of China Construction Bank (Asia).
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