CHINA Everbright Group, a state-owned financial conglomerate under the State Council, will complete a capital injection into Everbright Bank Co for its financial restructuring in September, and schedule its initial public offering next year, the China Securities Journal reported yesterday.
The group was reorganizing its financial assets, and would bring in strategic investors such as commercial banks at international level "when needed," said Tang Shuangning, chairman of Everbright Group.
The plan for the bank's restructuring has been approved by regulators, according to a statement posted on its Website.
The restructuring would divide the Everbright Group into two companies with the Everbright Financial Holding Company managing the financial assets and the Everbright Industrial Company controlling non-financial assets, Tang said.
Central Huijin, the central bank's investment arm, would inject capital into both Everbright Bank and Everbright Group at the same time, and be the controlling shareholder in the restructured companies, he said.
The group would continue to be the shareholder of Everbright Securities Company Limited and Everbright Bank, said Tang.
Set up in 1992, Everbright Bank is a nationwide joint-stock commercial lender.