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ICBC sets up joint-stock bank, readies for IPO
(AP)
Updated: 2005-10-28 13:57
China's biggest state-owned bank formally launched a joint stock company on
Friday in preparation for selling its shares overseas following an initial
public offering by smaller lender China Construction Bank.
China's central
bank governor Zhou Xiaochuan (L) and ICBC Limited President Jiang Jianqing
(R) unveil the name plate of the joint stock bank in Beijing October 28,
2005. [newsphoto] | The Beijing-based Industrial
and Commercial Bank of China announced its joint-stock company, with registered
capital of 248 billion yuan ($30.6 billion) earlier this week and inaugurated it
on Friday with announcements in the state media.
The company, named ICBC Stock Co., Ltd., was jointly launched by the Ministry
of Finance and Central Huijin Investment Co and inherits the business and
concerned assets and liabilities of the former ICBC.
Like China Construction Bank, whose shares began trading Thursday on the Hong
Kong Stock Exchange, ICBC has sought outside investment and expertise as it
revamps in preparation for the full opening of China's banking industry to
foreign competition in 2006.
The bank said earlier that investors including Goldman Sachs Group Inc.,
American Express Co. and Germany's Allianz AG planned to buy a combined 10
percent stake for more than $3 billion, with the deal to be finalized after bank
was restructured.
ICBC announced earlier this year that it plans to sell shares to private
investors in 2006. The government injected $15 billion into the bank in April to
help replenish its funds.
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