China Bohai Bank Co., a mid-sized lender part-owned by Standard Chartered Plc, has picked lead banks for a planned Hong Kong initial public offering that could raise more than $2 billion, according to people familiar with the matter.
The Tianjin-based lender is working with ABC International Holdings Ltd., CCB International (Holdings) Ltd., CLSA Ltd. and Haitong International Securities Group on the share sale, said the people, asking not to be identified because the matter is private. The bank will probably list in the second half of next year, two of the people said.
Bohai Bank, with 1 trillion yuan ($142 billion) of assets, saw its nonperforming loan ratio rise to 1.84% by the end of 2018 from 1.74% a year ago, with revenue declining 8.1%, according to its annual report. Standard Chartered held about 20% in the firm as its second-largest shareholder, while local government-backed TEDA Investment Holding owned 25%.