Everbright Bank seeks strategic investors ahead of IPO

China Everbright Bank, which is waiting for a US$2.69 billion (RMB20 billion) capital boost from the government, is seeking foreign strategic investors ahead of a likely US$1 billion public listing expected to take place next year, the Oriental Morning Post reported. State-owned Central Huijin Investment Co agreed in August to buy 20 billion new shares of Everbright Bank at US$0.13 (RMB1) each. China’s eighth largest bank has hired China International Capital Corp and Morgan Stanley to search for investors. According to Shanghai Securities News, Everbright’s unaudited profit in the first three quarters of the year was US$534.50 million (RMB3.97 billion). Full year profits of US$673.17 million (RMB5 billion) are projected.