Date
18 August 2017
China's Postal Savings Bank is said to be seeking foreign as well as domestic strategic investors ahead of its listing.
China's Postal Savings Bank is said to be seeking foreign as well as domestic strategic investors ahead of its listing.

Postal Savings Bank seeks strategic investors ahead of IPO

Postal Savings Bank of China, a unit of state-owned China Post Group, is making initial preparations for a share sale and stock market listing, the Wall Street Journal reported Tuesday.

The lender, which has 39,000 branches across the country and is China’s seventh-largest bank by assets, is seeking strategic investors ahead of a planned multibillion-dollar IPO in the next couple of years, sources were quoted as saying.

The bank is said to be seeking both foreign and domestic strategic investors as a first step toward listing.

Established in 2007, Postal Savings Bank had more than 5.57 trillion yuan (US$897 billion) worth of assets as the end of last year, according to its website. Apart from individual savers in cities and rural areas, it also lends and takes deposits from small and medium-size enterprises.

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RC

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