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Last Updated: Monday, 9 October 2006, 06:45 GMT 07:45 UK
China bank aims for record float
Industrial and Commercial Bank of China branch
ICBC's share listing is likely to attract overseas investment
China's biggest lender, Industrial and Commercial Bank of China, aims to raise up to $21bn (11bn) when it floats on 27 October, Chinese media has said.

Such a move would set a global record high for a share flotation.

The report, in the state-run China Business News, came as the bank's executives presented their share sale proposals to investors.

The bank is set to float on both the Shanghai and Hong Kong markets in a dual listing, selling 15% of the firm.

Increasing flotations

China's surging economy has created huge demand for banking services and forced the sector to modernise.

International share offerings are part of this process - since June 2005 four lenders have raised $25bn by listing.

ICBC was set up by the Chinese government in 1984 and has 21,000 branches, 360,000 staff and 150 million customers.

In a recent statement, it said it expected to earn a net profit of $6bn this year, compared with $4.3bn in 2005.

The current record for the world's largest initial share flotation is $18.4bn, which was raised by Japan's NTT Mobile Communications Network in 1998.


SEE ALSO
Chinese bank to float in October
25 Sep 06 |  Business
Strong debut for China Merchants
22 Sep 06 |  Business
Chinese bank moves nearer float
14 Aug 06 |  Business
Flotation of China bank approved
19 Jul 06 |  Business
Bank of China sale raises $9.7bn
24 May 06 |  Business
China bank makes HK stock debut
27 Oct 05 |  Business

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