Bank of Chengdu Company, a city commercial bank in China's Sichuan province, has applied for a listing of its shares on the Shanghai Stock Exchange's A-share market, Dow Jones has reported, citing the Star.
Malaysia's Hong Leong Bank Berhad (5819.KU), which owns a 20 percent stake in Bank of Chengdu, is also seeking to raise its stake in the Chinese lender, the report said, citing Hong Leong's group managing director, Yvonne Chia.
30 May 2012 - Chinese small-size lender Bank of Chengdu has submitted an application to list on the bourse in Shanghai, various media reported on Wednesday.
Malaysia's Hong Leong Bank, Bank of Chengdu's 20%-owner, plans to take part in the IPO to lift its holding in the Sichuan-based lender, Hong Leong's group managing director Yvonne Chia said as quoted by daily The Star.
The bank said that the increase in profit was due to higher net interest income and higher share of profit from Bank of Chengdu
. Further, the bank also benefited from higher net income from its Islamic banking business and lower taxation expenses.
Other financial firms that plan to launch consumer finance companies in China include Bank of China Limited (BOC) (601398.SS) (HKG: 3988) (OTC: BACHF.PK), Bank of Chengdu
Co, Hong Leong Bank Berhad of Malaysia and Czech Republic's PPF Group, the banking regulator said.
Bank of China (BOC) (601398.SS) (HKG: 3988) (OTC: BACHF.PK, Bank of Beijing (601169.SS) and Bank of Chengdu
are the promoters of the three pilot consumer financing companies, which are expected to offer personal loans to finance purchases of durables without taking deposits, the report said citing unnamed sources from the financial service authority of Pudong New Area, Shanghai.