10 Jun 2010

Approval given for share float by Agbank

8:07 am on 10 June 2010

Approval has been given by regulators in China for a share float by the Agricultural Bank of China.

Agbank plans to sell a stake of 14% in a dual listing on the Shanghai and Hong Kong stock exchanges.

No date is set yet for a flotation. However, the BBC reports the listing is expected to raise at least $US17.6 billion, but could reach as high as $US30 billion.

Agbank has more than 24,000 branches and 350 million customers. Its main customer base is within China's poorer rural communities.

China's other big lenders are the Industrial & Commercial Bank of China, Bank of China and China Construction Bank.