Exclusive: UBS, BNP among early bidders for China's Postal Savings Bank stake ahead of IPO

April 22, 2015 10:30 AM

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Exclusive: UBS, BNP among early bidders for China's Postal Savings Bank stake ahead of IPO

HONG KONG (Reuters) - UBS UBSN.VX, Singapore's Temasek Holdings [TEM.UL] and French bank BNP Paribas (BNPP.PA) are among half a dozen preliminary bidders to buy up to a 10 percent stake in state-owned Postal Savings Bank of China (PSBC) for at least $3 billion, people familiar with the matter told Reuters on Wednesday.

PSBC is China's biggest bank by outlets, with about 40,000 branches, and a strategic partnership could help foreign banks sell insurance and banking products to China's vast population.

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