Postal Savings Bank of China to raise up to $4.67 bln in Shanghai listing

Credit: REUTERS/© Kim Kyung Hoon / Reuters

Postal Savings Bank of China (PSBC), which has the largest network of branches in the country, is hoping to raise up to 32.71 billion yuan ($4.67 billion) through an initial public offering (IPO) in Shanghai in the largest mainland IPO in four years, stock exchange filings showed on Wednesday.

By end-June, PSBC had a total 39,700 branches, 48% of which are located in rural counties and villages. It had some 9.17 trillion yuan savings on book by the end of September, accounting for 96% of the bank's total liabilities.

PSBC's bad loan ratio was 0.83% by the end of the third quarter, far below the industry-wide level of 1.81%, as the lender didn't start its corporate lending business until 2009.

China International Capital Corporation (CICC), Postal Securities Co, CITIC Securities Co and UBS are co-sponsors of the float.

($1 = 7.0082 Chinese yuan renminbi)

(Reporting by Cheng Leng in Beijing, Engen Tham in Shanghai and Scott Murdoch in Hong Kong; Editing by Grant McCool)

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