China Postal Savings Bank close to stake sale

Hong Kong

STATE-OWNED Postal Savings Bank of China (PSBC) is expected to soon close the sale of a 15 per cent stake mainly to foreign investors ahead of a planned up to US$20 billion IPO in Hong Kong in 2016, people with knowledge of the matter said.

The stake sale, which the sources said was worth US$8 billion, indicates foreign demand for Chinese financial stocks remains resilient even as the economy slows.