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ABC: Preparations needed before dual listing

By Wang Lan (China Daily)
Updated: 2009-01-17 10:07

Agricultural Bank of China (ABC), the country's third largest lender by assets, said on Friday it would take at least 12 more months to complete the "technical" preparation for a share listing, adding that it is unrealistic to give a specific timetable in these uncertain times.

ABC on Friday made the official launch of its newly established holding stock company in Beijing, marking a major step forward in the transformation from a State-owned bank to a commercial institution.

Xiang Junbo was named chairman of the board and Zhang Yun the president of the joint stock company.

Pan Gongsheng, executive vice president of ABC, said the bank would consider following the example set by the other three State-owned commercial lenders to seek a dual listing in Shanghai and Hong Kong.

Pan said the bank has not held any formal talks with potential strategic investors, although some overseas financial institutions have indicated their interests in investing in the newly established holding company.

"We are still studying the idea of introducing strategic investors in the future," said Pan.

The bank said it would make it a priority to expand its businesses in rural areas, which have an increasingly diversified demand for financial services.

Pan also said the bank would increase financial services for agricultural development by expanding the scope and scale of its businesses in rural areas, including the establishment of insurance companies, financial leasing companies and pension fund management companies in those regions.