HONG KONG (Reuters) - Guangdong Development Bank is planning a 35 billion yuan ($5.4 billion) initial public offering in Shanghai and Hong Kong by as early as the end of 2011 to bolster capital and fund expansion, the bank’s chairman told a Chinese state weekly.
Guangdong Development Bank Co Ltd GDDVB.UL, partly owned by Citigroup Inc (C.N) and China Life Insurance Co Ltd (2628.HK) (601628.SS), had picked 10 banks to manage the offering of H-shares and A-shares, Chairman Dong Jianyue told the Economy and Nation Weekly on Tuesday.
State Grid Corp of China STGRD.UL and Citic Trust Co are also among shareholders of the regional lender based in southern China.
Dong was quoted as saying that the planned IPO would give the bank sufficient funds for development through 2014.
Citigroup, Goldman Sachs Group Inc (GS.N), Deutsche Bank AG (DBKGn.DE) and Bank of America Merrill Lynch (BAC.N) were among the firms selected to handle the IPO, according to the report. Global firms taking part in the Hong Kong portion of the offering include Credit Suisse Group AG CSGN.VX and Macquarie Group Ltd (MQG.AX).
Citic Securities Co Ltd (600030.SS), Haitong Securities Co Ltd (600837.SS), GF Securities Co Ltd (000776.SZ) and the securities arm of State Grid Corp were also selected to handle the Shanghai portion of the IPO.
Writing by Elzio Barreto; Editing by Chris Lewis