Home>News Center>China

ICBC sets up joint-stock bank, readies for IPO
Updated: 2005-10-28 13:57

Another state-owned bank, the Bank of China, also is expected to launch a stock offering by next March or April.

A woman walks in front of an Industrial and Commercial Bank of China office in Shanghai in this October 17, 2005 photo. The bank has been transformed into a joint stock company and will seek overseas listing, probably in Hong Kong next year. [newsphoto]
The potential size of ICBC's eventual IPO has not yet been announced. The Construction Bank raised $8 billion with its IPO, the world's biggest stock launch this year. The bank's shares made only a small splash on the first day of trading Thursday, however, because their price left little room for quick gains. The shares ended the day unchanged at their IPO price of HK$2.35 (30 U.S. cents).

Like the other big banks, ICBC is burdened with bad debt and is in the process of removing some 700 billion yuan ($86 billion) in nonperforming assets from its balance sheets.

In its announcement Friday, the bank vowed to ensure "that customers' interests come first, faithfully perform its duties, carefully handle business issues ... and continue to render quality financial services to its customers."

The bank reportedly is tapping high-powered veteran bankers help to improve its corporate governance and risk management.

The Hong Kong newspaper South China Morning Post reported earlier this week that ICBC would name Antony Leung, a former Hong Kong financial secretary, and John Thornton, a former Goldman Sachs president, to be independent directors of the joint stock company.

Leung worked at Chase Manhattan and Citigroup before joining the Hong Kong government in 2000. Thornton teaches at Beijing's Tsinghua University, the country's premier engineering school.

Page: 12

President Hu arrives in Pyongyang for visit
Chicken vaccinated in Xiangtai
Lien Chan visits Wolong giant panda research center
  Today's Top News     Top China News

DPRK promises to attend Six-Party Talks



ICBC sets up joint-stock bank, readies for IPO



No human infection of bird flu in China



Poultry sales in cities hit by outbreak fears



Asia-Pacific nations sign space convention



Bush pledges to win war on terrorism


  President Hu underscores China's role with N.Korea visit
  China luring scholars to make universities great
  Vatican urged to translate words into action
  Wen wraps up Moscow meetings
  UNESCO chairman committed to reform
  Mainland tourist officials visit Taiwan
  Go to Another Section  
  Story Tools  
  Related Stories  
ICBC transforms into joint-stock company
ICBC sets up joint stock comany
ICBC nears sale of stake to Goldman Sachs, Allianz
Goldman, Allianz seek big stakes in ICBC
ICBC says to sell 10% stake, eyes listing
China Construction Bank gains in HK debut
Construction Bank raises 8 b dollars in IPO
  News Talk  
  It is time to prepare for Beijing - 2008