Thursday, March 06, 2008

Hangzhou City Commercial Bank plans domestic IPO

Hangzhou City Commercial Bank on Thursday said it plans to float shares in domestic market this year, without giving the listing place and date.

Wu Taipu, the governor said it submitted the listing proposal last year, and now is waiting for the approval from the China Security Regulatory Commission (CSRC).

Its first branch in Shanghai, also the city's third one formed by a city commercial bank after Bank of Ningbo<002142> and Bank of Beijing<601169>, was opened today, a key step for the lender to expand into the Yangtze River Delta region, Wu said, adding that more branches are expected to open in Beijing and major cities in the Yangtze Delta region.

The Chinese government is approving qualified city commercial banks to expand businesses beyond their hometown territory and launch share offers with the aim of fostering a more competitive industry.

Currently, its rival city commercial banks in Ningbo, Nanjing and Beijing have already listed.

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