China CITIC Bank, the country's No. 7 commercial bank, plans to raise as much as US$3 billion in a Hong Kong/Shanghai dual listing in April.

The Beijing-based lender, in which Hong Kong-listed CITIC International Financial Holdings Ltd. holds a 16.4 percent stake, plans to offer 15 to 20 percent of its share capital at a discount to peers.

Banco Bilbao Vizcaya Argentaria (BBVA), the second-biggest bank in Spain, which paid 501 million euros (US$649.1 million) for 5 percent of CITIC Bank, has an option to increase its holding to 9.9 percent after the listing of the Chinese lender.

China International Capital Corp. (CICC), Citigroup, CITIC Securities, HSBC and Lehman Brothers are the underwriters of the share sale.