China's Postal Savings Bank nears US$8b stake sale ahead of IPO

NOV 12, 201512:07 AM

[HONG KONG] State-owned Postal Savings Bank of China (PSBC) is expected to unveil soon the sale of a 15 per cent stake to a group of investors for about US$8 billion, ahead of a planned IPO in Hong Kong in 2016, IFR reported on Wednesday citing people familiar with the plans.

UBS AG made the single largest investment in the group with US$2 billion and placed some of the shares with buyers including Hong Kong tycoons, added IFR, a Thomson Reuters publication. Other investors in the group included Singapore's Temasek Holdings, according to IFR, confirming a Reuters report from April.

JPMorgan and the International Finance Corp (IFC), a unit of the World Bank, also invested in the pre-IPO round. The initial public offering is expected to raise US$15-US$20 billion, IFR said.

REUTERS