ICBC may go public in Hong Kong in Sept.

ICBC is expected to list its shares in Hong Kong as early as September.

    BEIJING, June 13 (Xinhua) -- Industrial and Commercial Bank of China Ltd., China's biggest lender by assets, is expected to list its shares in Hong Kong as early as September, a news report said Tuesday, joining a state banks listing parade.

    Its initial public offering is estimated at 100 billion Hong Kong dollars, one of the highest in the world, a Xinhua-run economic newspaper said, dwarfing the 75.4 billion Hong Kong dollars IPO made by Bank of China, the nation's No. 2 lender, in May.

ICBC revamps to prepare for IPO

    BEIJING, June 1 -- Industrial & Commercial Bank of China is revamping its corporate structure to improve its risk management before it floats shares in Hong Kong later this year.

    The largest commercial lender on the Chinese mainland is expected to launch a US$12 billion initial public offering.

    ICBC will add 10 new departments, including risk management, credit approval, asset and liability management, and cut seven other divisions, the lender said in a statement yesterday. It will also improve services.

ICBC may raise US$12b through HK IPO

    BEIJING, May 30 (Xinhua) -- Industrial and Commercial Bank of China (ICBC), China's biggest lender in terms of assets, could raise about 12 billion U.S. dollars in an initial public offering ahead of its listing in Hong Kong later this year, a news report said on Tuesday.

    A Xinhua-run newspaper quoted insiders as reporting that ICBC would allocate 25 percent of the new shares for a number of elite and well-known Hong Kong institutions.

    ICBC Chairman Jiang Jianqing said one week ago that he expected the bank, by stock market value, to become one of the world's top 10 banks, with 2006 business profits exceeding 100 billion yuan (12.5 billion dollars).