Hangzhou bank plans IPO

Hangzhou City Commercial Bank is planning a US$658 million initial public offering as early as next month, Reuters reported. It is unknown whether the bank will list in Shanghai or Shenzhen, anonymous sources told the newswire. Commonwealth Bank of Australia holds a 20% stake in the Hangzhou bank and Asian Development Bank owns 5%. Chongqing City Commercial Bank is also planning a similar-sized listing by the end of the year. Bank of Shanghai, Bank of Dalian and Bank of Beijing are said to be planning initial public offerings within the next two years. The wave of city bank IPOs is led by Nanjing City Commercial Bank and Ningbo City Commercial Bank, which saw their prices spike after listing in July.