FACTBOX-China’s AgBank prepares for up to $30bln IPO

June 4 (BestGrowthStock) – Agricultural Bank of China Ltd’s [ABC.UL]
planned initial public offering of up to $30 billion could be
the world’s largest ever IPO if it succeeds in pricing.

The China Securities Regulatory Commission (CSRC) released
the preliminary prospectus for the offer on Friday. The
Beijing-based bank plans to list in Hong Kong and Shanghai in
mid July. [ID:nTOE65301J]

Following are some key facts about AgBank.

* Total assets as of end-March 2010 stood at 9.5 trillion
yuan ($1.391 trillion), ranking it third among China’s big
banks.

* Net profit at Q1 2010 stood at 25 billion yuan.

* It is forecasting a net profit of at least 82.9 billion
yuan for 2010.

* AgBank’s non-performing loan ratio was 2.46 percent at Q1
2010, 2.9 at end of 2009.

* It is targeting a core capital adequacy ratio of 8.5
percent to 2010 to 2012.

* The bank is planning to sell up to 47.6 billion shares in
the IPO.

* Net profit for 2009 was 65 billion yuan.

* China’s other top banks by assets (based on 2009 reports)
are: Industrial and Commercial Bank of China (ICBC) (1398.HK: )
with 11.78 trillion yuan; China Construction Bank Corp (CCB)
(0939.HK: ) (601939.SS: ) with 9.62 trillion yuan; and Bank of China
Ltd (601988.SS: ) with 7.79 trillion yuan.

* AgBank had 350 million customers — more than the
population of the United States.

* It is is the fourth, and last, of the government-owned
banks to go public.

* It has more than 24,000 branches, 30,000 ATMs and almost
442,000 employees.

* It was the first commercial bank established in the
People’s Republic of China in 1951. It was incorporated as a
joint stock company in January 2009.

* AgBank is jointly owned by the Ministry of Finance and
Central Huijin Investments Ltd. Each owns 130 billion shares.

* It received a 130 billion yuan capital injection from The
Central Huijin Investment in 2008.

* AgBank removed 815.7 billion yuan worth of bad assets at
face value at end-2007. At end-2009, its capital adequacy and
bad-loan ratios were 10.07 percent and 2.91 percent,
respectively, the China Daily said in January. [ID:nTOE62A07L]
(Sources: 2008 annual report, Reuters reports)

Investing

($1=6.828 Yuan)
(Reporting by Denny Thomas; Editing by Jon Loades-Carter)

FACTBOX-China’s AgBank prepares for up to $30bln IPO