Stocks News
- CITIC Bank plans second-quarter listing
Date: 13-Feb-2007 Sources: (Shenzhen Daily)
CHINA CITIC Bank Co. plans a dual listing in Shanghai and Hong Kong in the second quarter of this year, the China Securities Journal reported yesterday, citing the chairman of the bank's parent.
The paper cited Kong Dan, chairman of CITIC Group, as saying that the size of the initial public offering (IPO) by CITIC Bank will depend on market conditions.
Kong said CITIC Bank posted a net profit of 3.9 billion yuan (US$501.29 million) in 2006. He said the bank's nonperforming loan ratio stood at 2.5 percent at the end of last year, below the average level for other mainland-listed banks.
Kong didn't provide 2005 figures for comparison, the paper said.
CITIC Bank is the domestic banking arm of CITIC Group, a State-owned financial conglomerate. CITIC Group, which operates under the direction of the State Council, was set up in 1979.
Kong's statement was the first confirmation of media reports on the bank's planned dual listing. He didn't give the size of the offering, but a Hong Kong newspaper report in December said the bank planned to raise up to US$2.8 billion.
CITIC Bank had assets of 689.52 billion yuan at the end of September 2006, up 12 percent from end-2005, according to the latest data available from the bank. Its deposits totaled 601.37 billion yuan at end-September, up 13 percent from end-2005.
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