China Bank of Communications to Go Public

The Shanghai-based Bank of Communications (BoCom) will seek a domestic listing and a stronger presence in the country's relatively developed areas this year. Bank President Wang Mingquan said the bank will first replenish its capital.

Flotation of debentures worth 5 billion yuan (about 600 million U.S. dollars) are being considered among the options in its recapitalization plan, he said. The debentures refer to bonds issued to institutions.

The bank will also prepare to issue shares to individuals and go public on a domestic bourse, he said.

Set up in 1988, the bank was the country's first shareholding bank, with investment from the central government and State enterprises.

Following the establishment of BoCom, about 10 share-holding commercial banks were launched in China to compete with the four wholly State-owned commercial banks.

The China Mingsheng Banking Corporation, which is China's only private bank, and the Huaxia Bank, have been preparing for their listing plans, according to the newspaper.

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