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BOC appoints underwriters for
listing |
Bank of China (BOC) announced yesterday that Bank
of China International, Goldman Sachs Group and UBS would be the financial advisers and lead underwriters for its planned initial public offering (IPO)
sometime next year.
Spokesman Wang Zhaowen said the bank had chosen the three after a
rigorous assessment and taking various factors into account.
All the three banks enjoy a strong position and good reputation in the
international capital markets in Asia, Europe and the United States, Wang
said.
They also have long-established ties with BOC and took part in many
operations including the listing of BOC Hong Kong, he said.
"We believe that the participation of the three will help us speed up
the preparation for the overseas IPO as quick as possible," Wang said.
Economists pointed out that BOC's selection of the three financial
advisers and lead underwriters suggests the bank has moved a step further
towards the IPO.
Domestic banks, which are expected to face fierce competition from
foreign counterparts after the end of 2006, have been taking a series of
measures including listing and introduction of foreign strategic investors
to strengthen their position.
China Construction Bank, which has signed agreements with Bank of
America and Temasek Holdings (Private) Limited on forging strategic
partnerships, plans to list shares in Hong Kong before the end of this
year.
On August 18, BOC also signed a strategic investment and co-operation
agreement with Royal Bank of Scotland Group (RBS), which will spend US$3.1
billion for 10-per-cent interest in the Chinese bank.
Under the agreement, the two banks will co-operate closely in a range
of areas including credit cards, wealth management, corporate banking and
personal insurance.
The two also intend to establish a co-operative relationship in
management, including corporate governance, risk, financial and human
resources management, and information technology.
(China Daily) | 
Updated: 2005-08-31 09:36
