xueming

China's Postal Savings Bank plans to quicken pre-IPO investment

SHANGHAI, July 23 (Reuters) - Postal Savings Bank of China
plans to accelerate the speed at which it is
raising money from investors ahead of a planned initial public
offering (IPO), Xu Xueming, the vice governor of the lender,
said at a press conference on Thursday.
In February, domestic media reported that the bank is
planning a $25 billion IPO, without specifying a timeline or on
which bourse the lender plans to list.
(Reporting by Shu Zhang in BEIJING; Writing by Engen Tham;
Editing by Adam Jourdan)

China's Postal Savings Bank plans to quicken pre-IPO investment

* China’s PSBC quickens pre-IPO fund raising
* Lender planning 2016 IPO - domestic media
* Could be largest listing since Alibaba debut

(Adds details, context, changes dateline to Beijing)
BEIJING, July 23 (Reuters) - Postal Savings Bank of China
(PSBC) plans to accelerate raising funds from
strategic investors ahead of a planned initial public offering
(IPO), the lender’s vice governor Xu Xueming said on Thursday.
Domestic media said in February the bank was planning a $25
billion IPO next year, matching the size of Alibaba Group
Holding Ltd’s debut on the New York stock exchange in
2014 - the largest global listing.
Xu, speaking at a conference in Beijing, did not specify
the size or timeline of the IPO or say on which bourse the
lender plans to list.
UBS, Singapore’s Temasek Holdings and
French bank BNP Paribas are among half a dozen
preliminary bidders to buy up to a 10 percent stake in PSBC for
at least $3 billion, people familiar with the matter told
Reuters in April.
PSBC, wholly owned by China Post Group Corp, the state-owned
postal service, has about 470 million clients, about equal to
the combined populations of the United States and Russia.
PSBC currently holds 6.5 trillion yuan ($1.05 trillion)
worth of assets, Xu said on Thursday. The bank’s end-June
non-performing loan (NPL) ratio was 0.76 percent, according to a
press release circulated at the conference.
($1 = 6.2091 Chinese yuan renminbi)

(Reporting by Shu Zhang in BEIJING; Writing by Engen Tham;
Editing by Adam Jourdan and Simon Cameron-Moore)