CITIC Bank sets IPO price range

China CITIC Bank may price an upcoming dual listing at between 2.2 and 2.9 times book value, the Standard of Hong Kong reported. Quoting reports from the sponsors of the dual listings, Macquarie Bank and Citgroup, the newspaper said a final indicative price range will be set April 16. The company plans to raise up to US$3 billion in combined sales, depending on the final price which will be set on April 16. The Beijing-based lender kicked off pre-marketing efforts Thursday hoping to get official approval for an A-share listing on April 2 and is looking to kick off a roadshow after the Easter holidays. Almost 79% of the bank's operating income came from corporate banking last year and propelled it to its highest annual growth in pre-tax profits of 32%.