China Everbright Bank is poised to float its shares domestically in the middle of 2008, its chairman said yesterday.

 

The bank is planning the listing in June or July after it completes its financial restructuring and securing strategic investors, reported Financial News, which is affiliated to the central bank, quoting Everbright Chairman Tang Shuangning. Tang didn't disclose how much money the shares sale may rake in.

 

The bank has received a 20-billion-yuan (US$2.71 billion) bailout from the central bank's investment arm, Tang said.

 

The country's eighth-biggest bank hired China International Capital Corp and Morgan Stanley to find a foreign strategic investor before an initial public offering that may raise at least US$1 billion next year, earlier media reports said.

 

The bank's historical bad-loan burden and complex structure of affiliates have been the main obstacles standing in the way of its restructure.

 

Everbright Bank inherited some of its bad debt when it took over China Investment Banking.

 

(Shanghai Daily December 5, 2007)