(Yicai Global) July 12 -- Bank of Xi'an Co., northwest China's biggest urban commercial lender, has said it is preparing for an initial public offering of shares in the mainland just a week after Postal Savings Bank of China Co. announced plans to launch what may be this year's biggest stock market floatation worldwide.
No further details of Bank of Xi'an's IPO plan are known. Bank of Xi'an has registered capital of CNY3 billion (USD449 million) after a round of strategic investments that started in 2009. Its investors include Bank of Nova Scotia, China Cinda Asset Management Co. and Xi'an Finance Bureau. Bank of Nova Scotia become the lender's top shareholder with an almost 20 percent stake through a private placement last year.
Bank of Xi'an's total assets jumped 39 percent to more than CNY209 billion at the end of 2015 from the previous year, while net profit gained 10 percent to nearly CNY1.99 billion. It had a bad loan ratio of 1.19 percent, ranking it at a higher level in terms of asset quality among all commercial city banks.
CITIC Securities Co. is acting as sponsor for Bank of Xi'an, according to information disclosed by the regulator last December.