ICBC's IPO is estimated at HK$100 billion (US$12.9 billion), dwarfing the HK$75.4 billion debut by the Bank of China, the nation's No. 2 lender, in May, the Shanghai Securities News reported yesterday.

ICBC President Yang Kaisheng was quoted as saying the bank has a "concrete timetable" for its listing preparations.

China has encouraged its big-four state banks - ICBC, BOC, China Construction Bank and the Agricultural Bank of China - to strengthen corporate governance and streamline operations through stock market listings and other means. Meanwhile, overseas investors have shown an eagerness to buy Chinese bank shares and tap the country's sizzling economy.

The Bank of China shares were significantly oversubscribed and have soared more than 20 percent since their June 1 trading debut, defying jitters over the recent turmoil in Asian stock markets.

The Securities News said ICBC plans to submit its listing application next week to the Hong Kong Stock Exchange, citing an unnamed senior manager at the bank. China's banking regulator approved the bank's IPO plan in mid-March.

Insiders also believe ICBC will issue yuan-denominated shares through a mainland market soon after its Hong Kong listing. The prevailing view among Chinese brokerages is that the bank's A-share offering will come this year.

China's stock market surged in recent months, but sharp declines followed on worries that a flood of IPOs and secondary share offerings by big state-owned firms would depress interest in other stocks.

ICBC Chairman Jiang Jianqing has said he expects the bank to become one of the world's top 10 lenders by market value and that 2006 profits will exceed 100 billion yuan (US$12.5 billion).

ICBC was transformed into a joint-stock company in October 2005. Months later, a foreign trio of Goldman Sachs, American Express and Allianz Group paid a combined US$3.78 billion for an 8.89 percent stake in the bank.