CMB Seeks Overseas DevelopmentDespite the ups and downs in stock markets around the world, China Merchants Bank (CMB) said it has never wavered in its resolution to go public by the end of this year, "China Daily" Reports Saturday.It plans to open up more branches at home and abroad and consolidate the network banking as its prime strength after it gains sufficient funds from the initial public offering (IPO), the paper quoted Ma Weihua, director and president of CMB, as saying. The bank has completed all of its required paperwork for the IPO and has filed its application with the China Securities Regulatory Commission (CSRC), the securities market watchdog. At present, China has only three listed banks: Minsheng Bank, Pudong Development Bank and Shenzhen Development Bank. The bank also intends to establish foreign branches in major international financial centers in three to five years. And the long-awaited Hong Kong branch will soon be set up after it gains financial support from the IPO and the go-ahead from the Hong Kong Monetary Authority. |
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