Postal Savings Bank of China Raises $7 Billion Ahead of IPO

BEIJING—Postal Savings Bank of China Co. raised 45.1 billion yuan ($7 billion) from 10 strategic foreign and domestic investors ahead of an expected initial public offering next year, the bank said Wednesday.

The stake taken by strategic investors represents 16.92% of the state-owned bank's shares, the company said in a statement.

The investors include UBS Group AG, JPMorgan Chase & Co., International Finance Corp. and Canada Pension Plan Investment Board. In addition, Singapore firms DBS Bank Ltd. and government-run investment company Temasek Holdings invested, as did Chinese Internet companies Ant Financial Services Group and Tencent Holdings Ltd. Also, China Life Insurance Co. and China Telecom Corp. invested.

Postal Savings Bank President Lu Jia said the bank's listing will be the next step in its plan.

The bank is aiming to raise $10 billion in Hong Kong for its initial offering, people with knowledge of the matter told The Wall Street Journal last month.

Pei Li and Chuin-Wei Yap

(END) Dow Jones Newswires

December 08, 2015 23:05 ET (04:05 GMT)

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