Postal Savings Bank of China reportedly selling stake ahead of IPO
Postal Savings Bank of China (PSBC) is reportedly looking to complete a $8bn deal with a group of private investors ahead of its IPO next year. An article published by the Wall Street Journal today (6 November) said that information about the investment came from “people with direct knowledge of the deal”.
PSBC is working with China International Capital Corp. on the IPO, which will take place in Hong Kong.
PSBC is currently wholly owned by China Post Group Corp, the state-owned postal service, and has almost 490m individual clients (although many of these are small savers from China’s rural community). It operates a network of around 20,000 branches located throughout China.