BusinessCompany NewsChinese bank is closer to overseas listing

Chinese bank is closer to overseas listing

Professional services firm KPMG has completed a review of China Construction Bank's finances - a vital step towards the first overseas listing by a state-owned Chinese lender.

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.

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