Chinese lender Harbin prices Hong Kong IPO near bottom-IFR

HONG KONG, March 25 Mon Mar 24, 2014 10:21pm EDT

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HONG KONG, March 25 (Reuters) - Chinese commercial lender Harbin Bank Co Ltd is set to raise $1.13 billion through its Hong Kong initial public offering (IPO) after pricing the deal at HK$2.90 each share, near the bottom of a marketing range, IFR reported on Tuesday.

The bank, based in the northeastern Chinese city of Harbin, had offered 3.02 billion shares in the HK$2.89 to HK$3.33 range, said IFR, a Thomson Reuters publication.

Harbin Bank plans to use the proceeds from the deal to improve its balance sheet and support its business growth, including expanding into other regions of China and offering cross border services such as trade finance and foreign exchange into Russia. (Reporting by Fiona Lau; Writing by Elzio Barreto; Editing by Paul Tait)

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