China Prosecutes Former Head of Postal Savings Bank as IPO Looms

Aug. 13 (Bloomberg) -- China said it was prosecuting the former head of Postal Savings Bank of China Co. for suspected bribe-taking, embezzlement and corruption.

The action against ex-President Tao Liming, who was under investigation as long ago as 2012, was announced by the Supreme People’s Procuratorate on its microblog and website.

Postal Savings Bank, the lending arm of state-owned China Post Group Co., plans to seek more than $4 billion in an initial public offering in Hong Kong and Shanghai, people with knowledge of the matter said in June. The Beijing-based bank will seek to list as soon as next year, said the people, who asked not to be identified because the information is private.

Postal Savings Bank plans to select investment banks for the IPO in the second half, they said.

To contact Bloomberg News staff for this story: Jun Luo in Shanghai at jluo6@bloomberg.net

To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net Paul Panckhurst, Darren Boey

— With assistance by Jun Luo

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