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CITIC Bank A-share IPO plan approved

(XFN-Asia)
Updated: 2007-04-03 16:26

The China Securities Regulatory Commission (CSRC) said it has approved the A-shares initial public offering (IPO) plan of China CITIC Bank.

Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA) has a 4.83 percent stake in China CITIC Bank.

The Chinese bank said earlier that it plans to issue 2.3019 billion A-shares on the Shanghai Stock Exchange, representing 6 percent of its enlarged share capital, as well as up to 4.9505 billion H-shares in Hong Kong, with China International Capital Corp serving as its domestic underwriter and CITIC Securities its advisor.

The bank won Hong Kong stock exchange approval for its H-shares listing last week.

The bank aims to list the shares on April 27.