Hangzhou City Commercial Bank will try to get listed on one of the mainland's stock markets this year, the governor of the bank said today.
The bank is still waiting for approval from China Security Regulatory Commission after submitting its initial public offering application last year, Wu Taipu, the governor, said in Shanghai.
The bank opened its first branch in Shanghai today, a key move to expand its business into the Yangtze River Delta.
Rival city commercial banks in Ningbo, Nanjing and Beijing have already listed. China is allowing qualified city commercial lenders to step out of their city headquarters to foster a more competitive industry.
More than 110 city commercial banks are under pressure to expand beyond their hometown territory to benefit from economies of scale.
Wu also said that the bank is expected to open more branches in major cities such as Beijing and those in the Yangtze Delta Region.
It has already set up a branch in Zhoushan in Zhejiang Province.
The bank has a three-step development strategy to improve its stake structure, seek overseas capital, go public expand.
The Hangzhou bank is the third city commercial bank to set up in Shanghai after Bank of Ningbo and Bank of Beijing.
(Shanghai Daily March 6, 2008)
