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Bank of China Speeds Up Preparations for Listing
The Bank of China (BOC), one of the four largest State-owned commercial banks in China, is now speeding up its preparations for its much-heralded listing on the stock market, according to Tuesday's Chinadaily.
The bank is now concentrating on a detailed internal reshuffle in a move to improve its overall quality ahead of its listing, the paper quoted Liu Mingkang, chairman of the conglomerate bank, as saying.
"Generally speaking, we are still in the preparatory stage," said Liu. "What we have done so far has mainly concentrated on internal reshuffles and the improvement of out management mechanisms."
"The listing is not only a way of raising funds needed to expand business, it is also a way to further improve our business, our services and management expertise," he said.
The BOC has identified a concrete timetable for the listing, and Liu also said that it now has a clear plan to make itself one of the world's leading banking firms.
The plan, according to Liu, includes the establishment of a highly-efficient co-operate management system and a mature procedure to cultivate a highly skilled work-force and to form closer links and co-operations with other banking and high-tech institutions.
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