China Postal Bank seals pre-IPO fundraising

China's sixth largest bank by assets raises new equity in its next step towards an IPO that could rank as the world's largest in 2016.

Postal Savings Bank of China PSBC, the country’s largest lender by number of branches, has raised Rmb45.1 billion $7 billion in its latest pre-IPO funding round, selling a 17% stake to a group of 10 investors.

The stake sale represents the largest private fundraising by a Chinese institution to date and comes ahead of an initial public offering in Hong Kong that could raise around $15 billion and materialise as early as next year.

A number of the bank’s new shareholders will also no doubt be hoping their investment positions them to gain one of the coveted slots as joint global co-ordinators in what could...

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