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CITIC Bank, a wholly-owned subsidiary of the country's major investment arm the CITIC Group, is expected to float on the Hong Kong Stock Exchange this year, a top manager at the bank has revealed.

 

"We hope to raise over 10 billion yuan (US$1.2 billion) through the IPO (initial public offering) to fuel the bank's development over the coming three years," Chen Xiaoxian, president of CITIC Bank, said on Tuesday.

 

"The specific amount (we will raise) depends on the international evaluation before the IPO."

 

Chen also confirmed that the bank has hired an underwriter, although he declined to name the firm. The bank is still in discussion with other underwriters.

 

CITIC Bank is also looking for a strategic investor that can help it improve its corporate governance.

 

"We would like to bring in one partner rather than two or three because we think that will suit CITIC Bank," said Chen.

 

"We've contacted some renowned foreign banks, such as Citibank and Chartered," Chen told China Daily in an interview. "But we are also interested in other non-lenders, for example private funds."

 

As for the criteria for picking the right strategic investor, Chen disclosed that CITIC's choice will come down to the plan offered by the foreign investor.

 

"We will choose the one most favorable to CITIC Bank," Chen said.

 

Last Friday, CITIC International Financial Holdings (CIFH), the financial flagship of the CITIC Group outside the mainland, said it planned to acquire a stake in CITIC Bank in a statement to the Hong Kong Exchange and Clearing Limited.

 

The deal, experts say, is a prelude of the integration of Beijing-based CITIC Bank and Hong Kong-based CITIC Ka Wah Bank, a wholly owned subsidiary of CIFH.

 

CIFH is "in detailed discussions and negotiations" with its parent company, and Chen confirmed that the two companies would reach an agreement "shortly." He declined to specify the exact number of shares CIFH plans to buy.

 

"The cooperation will help CITIC Bank explore the international market and help CITIC Ka Wah Bank tap into the mainland," said a China Securities analyst, who wanted to remain unnamed.

 

"Besides, CITIC Ka Wah Bank will also be helpful in CITIC Bank's Hong Kong listing."

 

CITIC Bank made 6.3 billion yuan (US$781.6 million) in profit last year, an increase of 27.2 percent year-on-year.

 

At the end of 2005, the CITIC Group injected 8.6 billion yuan (US$1.1 billion) into the bank, improving its capital adequacy ratio from 5.9 percent to 8.18 percent, exceeding the industry regulator's baseline for joint-stock banks.

 

At the same time, the bank is strengthening its retailing banking business, focusing on credit cards and VIP wealth management.

 

"We hope to make the retailing banking sector account for 16 percent of our business this year, a jump from 13 percent last year," Chen added.

 

The average for banks in China is about 10 percent.

 

(China Daily March 30, 2006)