Postal Savings Bank of China is aiming for a US$10 billion initial public offering in Hong Kong by the end of next year, the Wall Street Journal reported, citing people with direct knowledge of the matter.
And it has already attracted a high-profile group of private investors to jump-start the process, the sources said.
The savings bank, which has more than 40,000 branches across the country, will soon send out a request for proposals for underwriting the IPO, the newspaper said.
Postal Savings Bank is nearing the completion of a stake sale to a consortium of strategic investors that include J.P. Morgan & Chase Co., UBS Group AG and Singapore’s state investment company Temasek Holdings.
The potential deal could be around US$8 billion.
The planned IPO could be the biggest in Hong Kong for any financial institution since AIA Group Ltd.’s US$20.5 billion float in October 2010.
China International Capital Corp. is said to be working closely with the savings bank on its listing plan.
Postal Savings Bank is a wholly owned unit of China Post Group, which is owned by the Ministry of Finance.
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