Agricultural Bank may float IPO in July

BEIJING - Agricultural Bank of China (ABC) is likely to launch its initial public offering (IPO) in June or July after its plan got the approval from the State Council, a source familiar with the matter said on Wednesday.

The bank has started talks with foreign and domestic lenders to arrange its public issue in Hong Kong and Shanghai.

More than 20 banks have received invitations to participate in the bidding process for the IPO mandate, the source told China Daily on condition of anonymity.