BEIJING, Mar. 8 -- The planned Hong Kong listing of China Minsheng Banking Corp. was proceeding on track but the private lender, the mainland¡¯s first, was not looking for investment from potential competitors, its president said Sunday.

    Minsheng is set to raise US$1 billion via a Hong Kong stock sale targeted for April, according to sources familiar with the deal.

    ¡°Our listing plan is still proceeding,¡± president Dong Wenbiao said in Beijing. He declined to give further details or a time frame.

    The bank said last year it planned a Hong Kong listing in 2004 to add to its presence on the Shanghai Stock Exchange. The listing was delayed in November, with no reason given.

    Like many of its peers, Minsheng has attracted foreign investment that has boosted its capital base.

    The bank has won approval to sell a 4.55 percent stake to Asia Financial Holdings ¡ª a wholly owned unit of Singapore state investment fund Temasek Holdings Pte Ltd.

    ¡°Our aim is to be a multinational, but a Chinese-funded financial institution,¡± Dong said. ¡°We don¡¯t want to team up with any potential competitor.¡±

    The Central Government is urging banks to seek foreign money and expertise as it seeks to clean up the sector, which is due to open almost fully to foreign players by 2007.

    Last year HSBC Holdings paid US$1.75 billion for a 19.9 percent stake in China¡¯s Bank of Communications, the country¡¯s fifth-largest lender.

(Source: Shenzhen Daily/Agencies)