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The Hong Kong-listed Bank of Communications, China's fifth biggest lender, will sell shares in China's A-share market "before long", its president said on Friday.

 

However the president of the bank Jiang Chaoliang said there was no timetable for domestic listing at present.

 

"A-share offering also depends on our capital management, the market conditions and regulations," he said. "Actually, all the listing documents were approved last year."

 

China's stock market had remained bearish for years before starting to gain ground early this year. The country has an A-share market for trading of renminbi-denominated shares and a B-share market for foreign currency shares.

 

China CITIC Bank is also reportedly planning a share listing in Hong Kong by the end of this year, followed by another share offering in China's inland market.

 

Bank of Communications and CITIC are joining a Chinese bank listing parade ahead of the full opening of China's financial market to foreign rivals. China hopes its banks will improve corporate governance and business through public listings.

 

The two are among China's 13 national shareholding banks, smaller than the "big four" state banks in terms of assets.

 

BoCom reported a net profit of 2.9 billion yuan (US$362.5 million) in the first quarter of this year, a year-on-year increase of 42.7 percent.

 

(Xinhua News Agency June 16, 2006)