(Yicai Global) May 3 -- Guangzhou Rural Commercial Bank Co. is hoping the Hong Kong Stock Exchange will approve its initial public offering program which is set to raise around USD1 billion, Sina reported this week, quoting sources close to the matter.
If the float is successful, it would mark the largest bank listing second to the Postal Savings Bank of China [HKG:1658], which pulled in USD7.6 billion when it went public last September. It would also make the lender the first local corporate bank in the southern province of Guangdong to be approved for an IPO.
The offering will issue about 3.1 billion shares, which when added to the existing 8.2 billion will make up 27.7 percent of the institution's general capital.
GRCB is the largest rural commercial bank in Guangdong. At the end of September 2016, its deposits made up 10.2 percent of all commercial banks in the city, with loans making up 7.6 percent. Its assets totaled around CNY593 billion yuan (USD86 billion), some 56 percent more than it had 3 years earlier.