Banking News
- Everbright Bank aims for IPO
Date: 16-Nov-2007 Sources: (Shenzhen Daily)
CHINA Everbright Bank Co. aims to launch an initial public offering (IPO) in the first half of next year, the China Securities Journal reported Thursday, quoting bank chairman Tang Shuangning.
The report didn't say how much the bank hopes to raise from the IPO or where it plans to list. It quoted Tang as saying the bank also planned to issue between 4 billion yuan (US$540.54 million) and 5 billion yuan worth of subordinated bonds to raise its capital adequacy ratio to 8 percent, a requirement for listed banks. To pave the way for its IPO, the bank will hold a shareholders meeting Nov. 28 to discuss a capital injection plan from Central Huijin Investment Co.
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