IPO will aid ICBC capital ratio

After its expected IPO, the Industrial and Commercial Bank of China (ICBC) will have a 15% capital adequacy ratio, state media reported, quoting the President of China's biggest commercial lender on Saturday. ICBC received a US$15bn cash injection from the government in April to improve its financial situation and help resolve problems caused by bad loans. At the end of June it had a capital adequacy ratio of 9.12%. The bank is expected to become a joint stock bank by September or October, opening the way for an IPO next year or in 2007.