Shanghai, July 4: China's Bank of Nanjing and Bank of Ningbo, two city commercial lenders, said on Wednesday they are set to launch initial public offerings of domestic A-shares next week which analysts expect to raise a combined $1.8 billion.
Both Bank of Nanjing, partly owned by top French lender BNP Paribas
Price ranges for the IPOs have yet to be set, they said.
Bank of Nanjing has said it planned to issue up to 700 million A shares, or 36.72 per cent of its enlarged capital after the IPO, for a listing on the Shanghai Stock Exchange.
Ningbo Bank, partly owned by Singapore's Oversea-Chinese Banking Corp.