Chinese Banks Join Rush for IPOs – Jamil Anderlini

From Financial Times:

Bank of Nanjing and Bank of Ningbo are set to become the first city-based banks in China to emulate the country’s giant state-owned lenders by listing.

China’s securities regulator will consider the banks’ listing applications on Friday in a procedure usually seen as a formality.

Bank of Nanjing, China’s fourth-largest city commercial bank, will sell 37 per cent of its shares in a Shanghai IPO analysts estimate could raise up to $1bn, based on the current valuations of listed lenders. The smaller Bank of Ningbo will sell 18 per cent in Shenzhen and could to raise up to $480m.[Full Text]