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BOC appoints underwriters for listing
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Bank of China (BOC) announced yesterday that Bank of China International, Goldman Sachs Group and UBS would be thefinancial advisersandlead underwritersfor itsplanned initial public offering (IPO)sometime next year.
Spokesman Wang Zhaowen said the bank had chosen the three after a rigorous assessment and taking various factors into account.
All the three banks enjoy a strong position and good reputation in the international capital markets in Asia, Europe and the United States, Wang said.
They also have long-established ties with BOC and took part in many operations including the listing of BOC Hong Kong, he said.
"We believe that the participation of the three will help us speed up the preparation for the overseas IPO as quick as possible," Wang said.
Economists pointed out that BOC's selection of the three financial advisers and lead underwriters suggests the bank has moved a step further towards the IPO.
Domestic banks, which are expected to face fierce competition from foreign counterparts after the end of 2006, have been taking a series of measures including listing and introduction of foreign strategic investors to strengthen their position.
China Construction Bank, which has signed agreements with Bank of America and Temasek Holdings (Private) Limited on forging strategic partnerships, plans to list shares in Hong Kong before the end of this year.
On August 18, BOC also signed a strategic investment and co-operation agreement with Royal Bank of Scotland Group (RBS), which will spend US$3.1 billion for 10-per-cent interest in the Chinese bank.
Under the agreement, the two banks will co-operate closely in a range of areas including credit cards, wealth management, corporate banking and personal insurance.
The two also intend to establish a co-operative relationship in management, including corporate governance, risk, financial and human resources management, and information technology.
(China Daily)
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Updated: 2005-08-31 09:36
