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Agricultural Bank of China plans dual IPO: state media
Beijing (AFP) Jan 5, 2010 State-owned Agricultural Bank of China plans to raise up to 150 billion yuan (22 billion dollars) through initial public offerings in Shanghai and Hong Kong, state media reported Tuesday. The bank -- the only one of China's so-called "big four" lenders yet to list -- aims to issue 50 billion shares as early as April, the English-language China Daily said, quoting unnamed sources. AFP calls to the bank for comment went unanswered. Agricultural Bank of China, the nation's third-largest bank by assets, mainly services the rural sector. The Industrial and Commercial Bank of China, the world's biggest bank by market capitalisation, raised 22 billion dollars in Shanghai and Hong Kong in October 2006 -- a world record share offer at the time. Bank of China listed in the Shanghai and Hong Kong markets in mid-2006 while China Construction Bank made its mainland debut in September 2007, nearly two years after listing in Hong Kong.
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