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China Development Bank to list units worth US$2b: IFR
[HONG KONG] China Development Bank (CDB) will list two subsidiary units in Hong Kong in deals that could raise over US$2 billion, IFR magazine reported on Wednesday citing unnamed sources with direct knowledge of the plans.
CDB, the central government policy bank responsible for large infrastructure investment, will list CDB Leasing for around US$1 billion to US$1.5 billion and CDB Securities for around US$500 million to US$1 billion, IFR, a Thomson Reuters publication, reported.
China Development Bank could not be reached for comment for the Lunar New Year holiday in China.
The deals come amid a wider push by China Development Bank and other state-owned lenders to expand their international business amid slowing domestic growth.
CDB has signalled ambitions to become a commercial lender rather than a purely government focused bank, and is active in helping Chinese companies invest in Africa.
CDB aims to complete the deals by the end of the year and has received pitches from banks looking to work on the transactions, IFR reported citing the sources.
CDB Leasing, based in Shenzhen, covers aviation, transport and infrastructure. CDB Securities, based in Beijing, handles its parent company's offerings of bonds and other securities.
China Development Bank itself remains unlisted, and under the direct control of China's State Council.