Minsheng Bank to float shares in HK this year or next

China Mingsheng Banking Corp<600016>, the first private commercial bank in the country, is planning to launch its Hong Kong IPO in 2008 or 2009, the bank's chairman Dong Wenbiao told sources.

The bank hopes to raise HK$15 billion through the H-share offering, and it also has plans to issue convertible bonds and subordinated bonds in the domestic market this year, according to Dong.

Moreover, Minsheng intends to sell 30-40% stake of its credit card unit to foreign investors.

Dong also expressed the bank's interest of expanding to Hong Kong and European market by acquiring banks that have existing branch networks there.

The Chinese bank has just acquired 5.5 million newly issued shares of UCBH Holdings, the holding company of United Commercial Bank (UCBTM), at a price of US$17.79 apiece.