China's Postal Bank sells stake for 45b yuan

Shanghai

POSTAL Savings Bank of China Co, which has the most branches of any Chinese lender, raised 45 billion yuan (S$9.8 billion) selling about 17 per cent of itself in what it called the biggest private fundraising ever undertaken in the nation's financial industry.

The stake sale ahead of a planned initial public offering by the Chinese lender lured 10 firms including UBS Group AG, the Canada Pension Plan Investment Board and Temasek Holdings, Postal Savings Bank said in a statement on Wednesday. Canada Pension invested 3.2 billion yuan, it said in a separate statement.