Santana asks: (China Econominc Net, Jul 19, 2006)China’s biggest state-owned commercial bank, ICBC, has received approval for an initial public offering, the country’s top bank regulator said Tuesday, following reports the deal could raise up to US$14 billion (euro11.17 billion).
Industrial & Commercial Bank of China’s IPO “has been officially approved,” said Liu Mingkang, chairman of the China Banking Regulatory Commission, quoted by the official Xinhua News Agency.
The report didn’t say when or where the IPO would take place or how much money it was intended to raise. But earlier reports said ICBC wants to raise as much as US$14 billion (euro11.17 billion) with a simultaneous offering on stock exchanges in Hong Kong and Shanghai.
With a successful IPO, ICBC would join other Chinese state-owned banks that have raised billions of dollars from investors in a massive industry overhaul as Beijing prepares to open their
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