HONG KONG, June 17 Four global investment banks
have started working on a planned initial public offering of
China Cinda Asset Management Corp, expected to take place in
Hong Kong later in 2013, IFR reported on Monday, citing sources
with direct knowledge of the deal.
Bank of America Merrill Lynch, Credit Suisse
, Goldman Sachs and UBS began formally
working on the IPO last week, although the banks have no
official mandates or roles yet, added IFR, a Thomson Reuters
China Cinda, one of the four asset managers set up to manage
bad loans in the late 1990s, hasn't made a final decision on the
venue or timing of the deal. If it goes for a single listing in
Hong Kong, its application could be filed in August and the deal
would happen later this year, IFR said.
China Cinda is one of four giant asset managers set up by
China's government in 1999 to remove an estimated 1.4 trillion
yuan ($228.4 billion) worth of bad loans from the country's top
four lenders in one of the world's largest bank bailouts.
The China Cinda IPO would lead the way for the listing of
the three other asset managers, Great Wall Asset Management,
Huarong Asset Management and Orient Asset Management.