A sign of China Everbright Bank , file photo [Photo: CFP]
China Everbright Bank Co plans to complete an initial public offering in the first half of next year, the China Securities Journal reported today.
But the report didn't reveal a timeline for the IPO or its scale.
Beijing-based Everbright Bank, which is awaiting a 20 billion yuan (US$2.7 billion) capital injection from the government, may also raise up to five billion yuan selling subordinated bonds to meet the eight percent minimum capital-adequacy ratio required by the banking regulator for IPOs, Tang Shuangning, chairman of the bank, told the newspaper.
Central Huijin Investment Co, a state holding firm, won Everbright Bank's approval to buy 20 billion new shares at one yuan each this week and the plan is due to be submitted to shareholders for approval on November 28, the report said.