Postal Savings Bank of China prices IPO at low end of expectations

Hong Kong

STATE-OWNED Postal Savings Bank of China (PSBC) priced its Hong Kong initial public offering near the bottom of expectations, valuing the deal at US$7.4 billion, IFR reported on Wednesday.

The bank, seeking to bolster its balance sheet and fund future lending growth, had originally sought to raise up to US$8.1 billion, counting on its network of more than 40,000 branches and low level of non-performing loans to attract investors.