Temasek Holdings, the biggest foreign investor in Chinese banks, will raise its profile in the country's financial sector by taking part in Postal Savings Bank of China's (PSBC) private fund-raising exercise.
PSBC will sell 16.92% of its stake to 10 global strategic partners, including financial institutions, such as JP Morgan Chase, UBS Group, Temasek Holdings and Alibaba-owned Ant Financial.
The stake sale, raising US$7.06 billion ($9.93 billion), comes ahead of a planned initial public offering by the Chinese lender, which is expected to take place in Hong Kong next year.
All 10 investors are investing between US$250 million and US$500 million in the exercise, say industry sources.
China Life Insurance, China's largest life insurer, said on Tuesday that it will buy 3.34 billion shares in PSBC for RMB13 billion ($2.8 billion) fully in cash.
PSBC was formed in 2007 after the Chinese government looked to boost financial services in rural sectors. It has 40,000 branches, the most of any Chinese lender, and serves around half a billion customers.
The bank's total assets reached RMB6.8 trillion in September, despite the bad loans ratio rising for the past three years, hitting 0.64% by the end of 2014.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
PSBC will sell 16.92% of its stake to 10 global strategic partners, including financial institutions, such as JP Morgan Chase, UBS Group, Temasek Holdings and Alibaba-owned Ant Financial.
The stake sale, raising US$7.06 billion ($9.93 billion), comes ahead of a planned initial public offering by the Chinese lender, which is expected to take place in Hong Kong next year.
All 10 investors are investing between US$250 million and US$500 million in the exercise, say industry sources.
China Life Insurance, China's largest life insurer, said on Tuesday that it will buy 3.34 billion shares in PSBC for RMB13 billion ($2.8 billion) fully in cash.
PSBC was formed in 2007 after the Chinese government looked to boost financial services in rural sectors. It has 40,000 branches, the most of any Chinese lender, and serves around half a billion customers.
The bank's total assets reached RMB6.8 trillion in September, despite the bad loans ratio rising for the past three years, hitting 0.64% by the end of 2014.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment