China Minsheng Banking,the country's only privately owned lender,aims to sell stakes in the bank to foreign investors and proceed with a planned $ 880 m share sale in Hong Kong,
according to the bank's vice chairman.
"We are actively seeking high-quality foreign strategic investors " Zhang Hongwei,vice chairman of the Beijing based bank,said in a Web broadcast to shareholders Wednesday.He did not identify any potential candidates.
Minsheng,with less than a tenth of the assets of China's biggest state-owned banks,needs foreign investors to help bolster capital and improve management to comepte with foreign lenders like Citigroup,which will gain unrestricted access to do business in China by the end of next year.
Temasek Holdings,a $ 54 billion Singapore government fund,in January bought a 4.55 percent stake in Minsheng,and International Finance Corp.an investment arm of the World Bank,owns a 1.22 percent holding.
Minsheng Bank,which has the best asset quality among the country's six publicly traded lenders,received regulatory approval in March to sell 1.3 billion shares,or one fifth of its outstanding stock,in Hong Kong.In June,it delayed the IPO to January 2006,citing market conditions.
" We are pushing ahead the overseas share sale plan as scheduled,though the timetable is yet to be decided in accordance with market conditions " Zhang said.
Selling shares in Hong Kong will enable Minsheng to fund increased lending and keep its capital reserves higher than the minimum demanded by regulators.The lender had capital equal to 8.05 percent of its assets as of June 30,just above the 8 percent regulatory minimum.
Minsheng was founded by 59 private corporate shareholders,with each holding less than 10 percent stake.The bank's yuan-denominated Class A share rose 2.6 percent to close at 5.83 yuan Wednesday.
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