Bank of China plans IPO this year or early '06

[HenryTo]

Looks like every person and his neighbor in China is trying to take advantage of the huge global interest in the Chinese markets right now.
---------------------------------------------------------------------
Friday August 12, 12:47 PM
Bank of China plans IPO this year or early '06 -MD

KUALA LUMPUR, Aug 12 (Reuters) - China's top forex lender, the Bank of China [BOC.UL], plans an initial public offering by the end of this year or early in 2006, a company official said on Friday.
Beijing's Caijing, a financial bi-weekly, reported this month that four foreign investors -- Royal Bank of Scotland , Singaporean investment agency Temasek Holdings [TEM.UL], UBS and the Asian Development Bank -- would spend $6 billion for nearly a quarter of Bank of China.

"We are planning an IPO either at the end of this year or early next year, but no decision has been made and it would depend on market conditions," Managing Director Zhang Yanling told reporters at a function in Kuala Lumpur.

Bank of China could sell up to a quarter of its equity in the offering, she added.

"Yes, yes, we are in talks," Zhang said when asked if the Bank of China was in discussions with the Swiss bank. "So many foreign investors have shown interest in the bank."

The sale to the foreign investors would mark a milestone for Bank of China, which has been trying to entice strategic investors, overhauling internal operations and gearing up for an initial public offering and stock listing, possibly in Hong Kong.

Citing an unidentified source familiar with the deal, Caijing said Royal Bank of Scotland and Temasek would each acquire 9.9 percent of the lender, while UBS and the ADB would jointly hold 5 percent