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Bank of China IPO remains on target
www.chinanews.cn 2005-07-25 13:32:28
Chinanews, Beijing, July 24 - Bank of China (BOC) spokesman recently said
that the timetable for BOC's IPO has not changed. At present, discussions
are ongoing with regards to BOC's potential strategic investor, making
substantial progress on the depth and breadth of this discussion; in
2005, BOC's shareholder return is hopeful of reaching 11%.
Statistics indicate that up to June 30th, BOC's total assets totaled
4.544 trillion RMB (560 billion USD), liabilities totaled 4.283 trillion
RMB, increasing respectively 6.41% and 6.08% over the beginning of the
year. All 30 branches inside China reported a profit and 29 out of 30
overseas branches were profitable.
Media spokesman Wang Zhaowen said that BOC's timetable to launch its IPO
has not changed. BOC is now striving to change its operating system,
accelerate corporate management and its human resource reform would be
completed by the end of August, with the highest priority given to
changing the entire procedure and system. Regarding the IPO, much depends
on when BOC is ready and the best opportunity for launching the new
issue, with no final determination as of yet on the strategic investor or
the underwriting group.
Another media spokesman Zhou Ning said that the recent new RMB currency
regime announced by the central bank would not create significant impact
on BOC's annual profits. Because of effective capital preservation
hedging measures that have been implemented, the investment of 22.5
billion USD by the Central Huijin Investment Company Limited would not
shrink because of this recent dollar devaluation.
��UBS eyes BOC stake (2005-06-22)
��Worldwide, 273 seek senior positions at BOC (2005-06-02)
��Bank of America to be BOC shareholder (2005-04-06)
��BOC hires foreigner as senior officer for the first time
(2005-02-22)
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