China Construction Bank said it would this month complete pre-flotation reorganization efforts and convert from a standard government unit into a shareholding structure, enabling it to float a portion of its shares. The bank said the reorganization would be completed within its self-imposed September deadline. The move follows similar action by the Bank of China, which is also readying for its initial public offering, and illustrates the pressure state banks are under to get first-mover advantage in the competition to sell shares on domestic and overseas exchanges. One analyst said the state banks have to look like they are on the ball, not something they are famous for. Both CCB and BOC, once weighed under by massive NPLs, are shopping for strategic investors to get cash and give their management and image much needed sparkle. As soon as China's fifth largest bank, Bank of Communications, announced that HSBC would take a 20% stake, its credit outlook was adjusted upward.
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