China’s State Council, banking regulator and finance ministry have instructed the Postal Savings Bank of China to speed up its fundraising from strategic investors ahead of what local media have reported to be a planned US$25 billion initial public offering, Reuters reported, citing the bank’s Vice Governor Xu Xueming. Xu did not specify the size, time or location of the IPO, but said the bank currently holds RMB6.5 trillion (US$1.05 trillion) worth of assets. UBS, Temasek Holdings and BNP Paribas are among the preliminary bidders looking to buy an up to 10% stake in PSBC for at least US$3 billion.
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