China Approves Plans for Huge Bank IPO – Peter S. Goodman

From Washington Post

China’s government Wednesday approved plans by the country’s largest bank, the Industrial & Commercial Bank of China, to raise $14 billion or more in one of the largest stock offerings ever.

Never mind that Chairman Mao’s visage remains on all the money or that the country remains ruled by a Communist Party government. In assenting to the deal, China’s bank regulator took one of the biggest steps yet toward remaking the country’s corrupt and inefficient financial system along capitalist lines.[Full Text]

Also see ICBC Secures China Regulatory Approval for Share Sale

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