China Travel & Tourism News
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CSFB to underwrite CCB listing
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| 2-Sep-2005 - Xinhua |
Credit Suisse First Boston (CSFB) had won a contract to underwrite the US$5 billion overseas listing by China Construction Bank (CCB), the country's second largest, the Financial Times reported Thursday. The newspaper said the deal would allow the Swiss bank to share in US$150 million of fees, and was struck in spite of resistance from CCB's long-standing adviser, Morgan Stanley. Last week, Chen Zuofu, CCB's deputy president, said CSFB would “play a role” in the float. But Chen dismissed reports CSFB’s parent Credit Suisse would buy up to US$500 million worth of shares to become a third foreign investor in CCB. CCB has secured Bank of America and Singapore's state investment agency Temasek Holdings as strategic investors. Bank of America, the second-biggest U.S. lender had agreed to pay US$3 billion for a 9 percent stake, and Temasek is ready to invest US$1 billion to take around 5 percent of CCB, the top property lender. CCB submitted a formal IPO application to the Hong Kong exchange in June. Sources have said the bank could raise up to US$5 billion after offering 10 to 15 percent of its enlarged share capital. |
| 2-Sep-2005 - Xinhua |
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