Link: Sweet and sour
According to The Financial Times, sources close to the deal said that after working on the restructuring for three years, KPMG had compiled the bank’s preliminary accounts.
The financial data on the bank’s network of about 30,000 branches will allow it to draft the prospectus for the $5bn-$10bn listing, which is expected to take place in Hong Kong and New York in 2005.
More than five financial groups, including Citigroup, GE Capital and the Dutch bank ING, have formally expressed interest in buying a stake in CCB before the IPO.
The audit puts CCB ahead of Bank of China in the race to international capital markets.
Analysts expect the Chinese authorities will use the initial public offerings to clean up the balance sheets of the state banks, which are laden with bad debts after decades of government-directed lending.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements