Deals
China's Postal Bank Raises $7 Billion From Stake Sale
- UBS, JPMorgan, Temasek among 10 investors who bought shares
- Lender sells 17% stake ahead of planned initial public offer
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Postal Savings Bank of China Co., which has the most branches of any Chinese lender, raised 45 billion yuan ($7 billion) selling about 17 percent of itself in what it called the biggest private fundraising ever undertaken in the nation’s financial industry.
The stake sale ahead of a planned initial public offering by the Chinese lender lured 10 firms including UBS Group AG, the Canada Pension Plan Investment Board and Temasek Holdings Pte, Postal Savings Bank said in a statement Wednesday. Canada Pension invested 3.2 billion yuan, it said in a separate statement.