Six bidders buy 10% share in Postal Savings Bank of China

Preliminary bidders including UBS (UBSN.VTX), Temasek Holdings and BNP Paribas (BNP.EPA) have purchased a 10% stake in the state-owned Postal Savings Bank of China for at least US$3 billion, Reuters reported, citing unnamed sources. Sources said half a dozen preliminary bidders had bought into PBSC, China’s biggest bank by outlets with about 40,000 branches throughout the mainland. The bank is preparing for an initial public offering next year that could raise around US$25 billion — the record set last year by Alibaba (BABA.NYSE) — according to a February China Daily report.