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Minsheng approved to sell US$701m in bonds
(Agencies)
Updated: 2004-10-17 08:53

The China Securities Regulatory Commission approved the bonds sale through private placement, the Beijing-based bank, China's second most valuable listed lender, said in a statement.

The sale still needs the go-ahead from the central bank, it added.

Minsheng, founded in 1996 as the country's first private lender, is planning an overseas initial public offering to raise about US$1 billion early next year.

Singapore's state investment fund Temasek Holdings Pte Ltd. is in talks to buy a stake in Minsheng Bank, Chinese officials said on Thursday.

Beijing is pushing its banks -- laden with more than US$200 billion in sour loans -- to spruce up their balance sheets and enhance competitiveness before the country opens up the industry to foreign players by 2007.

Other banks, including Construction Bank, the country's top property lender, and the Bank of China, the nation's largest foreign exchange player, issued subordinated bonds earlier this year to recapitalise.

Subordinated debt ranks above equity when paying off creditors if an issuer is wound up.

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