Bank of Chengdu targets IPO on Shanghai Exchange

Should the listing push through it will break a three-year IPO hiatus by the nation's city commercial banks, which operate under regional rather than national licenses.

Bank of Chengdu Co Ltd, a Sichuan-based city commercial bank, is planning an IPO on the Shanghai Stock Exchange's A-share market, as it moves to replenish its capital to boost future growth.

China Business newspaper reported on Monday that the IPO, which will soon be filed with the regulators for approval, aims to issue 800 million shares.

"The A-share IPO was discussed during the latest shareholders meeting, but it's still too early to provide or confirm any details," an official with the bank who refused to be named told China Daily.

A document posted on the bank's website shows that a number of issues surrounding the IPO were discussed during the meeting on June 22, including the allocation of undistributed profits and long-term capital replenishment plan.

A public listing by Bank of Chengdu will break a three-year IPO hiatus by the nation's city commercial banks, which operate under regional rather than national licenses.

In 2007, three city commercial banks, Bank of Beijing Co Ltd, Bank of Ningbo Co Ltd and Bank of Nanjing Co Ltd, all went public.

View the full story in People Daily Online.