Bank of Beijing, a Chinese government-controlled bank, has appointed Goldman Sachs Group and Morgan Stanley to manage its Hong Kong initial public offering (IPO) scheduled in 2015.
The IPO of the bank, partly owned by Dutch company ING Bank, is expected to raise over US$4bn amid country’s bad debt-hit banking industry.
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Although the investors are tentative of putting their money in Chinese banks, the latter have been opting for Hong Kong offerings to recapitalize despite tighter regulatory, reported The Wall Street Journal.
Bank of Beijing intends to offload nearly 3.4 billion shares with an overallotment option of selling 15% stake more, an option if exercised, could raise up to CNY25.9bn (US$4.1bn) as per the lender’s stock price in Shanghai.
The current stakeholders of Bank of Beijing include ING Bank holding a 13.64% stake, Beijing State-owned Assets Management with 8.84% and Beijing Energy Investment Holding owning 5.08%.
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