Postal Savings Bank of China sets in motion US$15b Hong Kong IPO

Hong Kong

POSTAL Savings Bank of China (PSBC) has invited investment banks to pitch for a Hong Kong initial public offering (IPO) worth up to US$15 billion, a person familiar with the matter said, setting the ball rolling for what is likely to be the world's biggest listing this year.

Despite volatile China share markets, state-owned PSBC has just raised US$7 billion from a group of investors including UBS Group AG and JPMorgan, which were attracted to its customer base of 500 million customers - larger than the population of th…