China's Postal Savings Bank files for HK IPO, world's biggest since Alibaba

June 30, 2016 9:39 AM

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China's Postal Savings Bank files for HK IPO, world's biggest since Alibaba

HONG KONG State-owned Postal Savings Bank of China (PSBC), the country's largest bank by number of branches, has filed for a Hong Kong IPO seeking to raise up to $10 billion, IFR reported on Thursday.

The filing of the preliminary initial public offering (IPO) prospectus sets in motion what is set to be the world's biggest new listing in about two years and would value the bank at about $150 billion, the report said.

Also read: Alibaba Financial Affiliate Seals Bank Deals for Alipay Expansion in Europe

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