CRI Home - Photo- Forums - Talk China - Surf China - About China -  
  Webcast | CRI Today | China | World | Biz | SciTech | Sports | Life | Showbiz | Easy FM | Learn Chinese / English | Weather | Events
NO Change of Timetable for BOC IPO
2005-7-25 17:01:34
The Bank of China (BOC) says it has not changed its timetable for going initial public offering (IPO) after the new policy on Renminbi exchange rate.

Related Event: Bank of China

The new policy on Renminbi exchange rate will not exert substantial influence on BOC's annual profits. Besides, as the state investment firm Central Huijin had invested 22.5 billion US dollars into BOC before that, the bank's profits will not shrink because of the depreciation of US dollar, said a BOC spokesperson Zhou Ning.

Bank of China, one of the four largest state commercial banks in China, is preparing to sell its shares to the public.

The bank is engaged in changing its operating mechanism and improving corporate performance, said another BOC spokesperson Wang Zhaowen, adding that the reform on human resources is to be completed by the end of August.

The negotiations on introducing strategic investors and placement agents are well underway, Wang said, adding, no final decision has been made so far. The shares of strategic investors will not exceed 20 percent of the bank's total shares.

Statistics with the BOC showed that the bank's assets totaled 4,544.038 billion yuan (560 billion US dollars) up to June 30 and its debt was 4283.346 billion yuan (528 billion US dollars), up 6.41 percent and 6.08 percent respectively over the beginning of this year.

All of the bank's 30 domestic branches and 29 of its 30 agencies abroad are profitable, said sources with the BOC.

(Photo source: Agencies)

        Talk China        Print        Email        Recommend
Related Stories:
v BoCom Debuts in HK 06-26
v UBS in Talks with BOC for Holding 06-24
v BOC Sacks 20 Local Branch Heads 06-02
v Bank of China to Sell US$10 Bln Stake 05-31

  Copyright of All rights reserved.

Reproduction of text for non-commercial purposes is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.

postalChina Post is progressing with its scheme to merge its two sub-businesses.
textilePeter Mandelson said he would hold talks with Bo Xilai this week.
YahooChinese e-commerce operator is in the late stages of talks to sell a 35 percent stake to Yahoo Inc.
BOC IPO Could Take Place in 2005
China, Hong Kong, Japan, and Aussie Market Roundup 
CNOOC's Market Value Up By $7b
Producer Price Index Rises
Lenovo Profit Up 6% After IBM PC Buy
Power Supply Sees Robust Growth
HK Urges Manufacturers to Go "Green"
Major HK Banks's Interest Rate Hike
China Mobile First-Half Profit Rises