Chinese Bank Sets Record, Raises $19 billion in IPO

Published on:
8 December 2006 at 06:33 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00027586-chinese-bank-sets-record-raises-19-billio/

by Patrick Lunsford, CollectionIndustry.com

Industrial & Commercial Bank of China (ICBC), the country?s largest bank, raised $19 billion in a record-breaking IPO Friday. The $19 billion was the most ever raised in an IPO, surpassing the $18.4 billion raised by Japanese mobile phone company NTT DoCoMo Inc. in 1998.

ICBC is a state-owned bank. It will be listed on both the Hong Kong and Shanghai exchanges.

Though mainland Chinese banks have a history of bad debts and lending scandals, ICBC has restructured and gotten rid of billions of dollars of bad debt.

Chinese Bank Sets Record, Raises $19 billion in IPO

Unknown Author

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