ICBC's IPO set for 2006

Industrial and Commercial Bank of China (ICBC) will sell shares to the public this year following the successful IPOs by the China Construction Bank and the Bank of China, chairman Jiang Jianqing told state media. ICBC is the country's largest bank, with 18,000 outlets and 100 million customers. The Bank of China IPO in Hong Kong is on course to become the biggest in the world in the last six years and may become the largest IPO in Hong Kong history with some market watchers predicting it could tie up US$38.6 billion. ICBC became a joint stock company between the Ministry of Finance and Central Huijin Investment, the investment arm of the central government, last year. Goldman Sachs, American Express and Allianz Group later paid US$3.78 billion for an 8.89% stake.