Temasek among bidders for China’s Postal Savings Bank’s pre-IPO stake: Report

Singapore state fund Temasek Holdings is among the six bidders who have submitted bids to buy up to 10 per cent stake in China’s state-owned Postal Savings Bank of China (PSBC) for at least $3 billion, a recent report said.

The other bidders include French bank BNP Paribas and UBS, international news wire Reuters said in a recent report.

DEALSTREETASIA had reported in February that Postal Savings Bank of China  (PSBC), which holds about $800 billion in deposits, had approached several investors to offload a minority stake ahead of its mega listing, which could see it raise anywhere between $10 to $25 billion.

At the top end an initial public offering of this size could match China’s Alibaba’s record $25 billion float last year.

The stake could be sold slightly above PSBC’s book value, which is at a slight discount to the price-to-book value of 1.26 of China’s big banks, according to Thomson Reuters data, the report said, while adding that the “pre-IPO stake sale would be the stepping stone that would set a valuation benchmark” for the upcoming listing in 2016.

The Reuters report by Denny Thomas and Elizio Barreto further said that “PSBC has about 40,000 branches, and a strategic partnership could help foreign banks sell insurance and banking products to China’s vast population”.

Postal Savings Bank invests in Chinese government bonds and the interbank market and also lends to small and medium-sized enterprises and agricultural households

Also Read: China’s PSBC in pre-IPO talks with Khazanah, Temasek & others: Report

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.