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China Construction Bank (CCB) is bracing to get itself listed on stock market by the end of 2005, said Guo Shuqing, head of the CCB board of directors.
Guo said Thursday that listing is of positive and profound significance for his bank. Employing the fund-raising function of the capital market, supervision and restraint function, introducing competition and supervision mechanism, and alluring managerial experience and talents from overseas will be crucial for modernizing commercial banks like CCB or is the only option for the bank to transform.
The bank, currently contacting with potential strategic foreign investors, is expected to carry out relevant probes, he noted.
Guo went on to say that his bank pledged to go in for in-depth reform, including further improving company structure, establishing employees' incentive system and promoting company's management level.
The bank reaped 17.29 billion yuan (about US$2 billion) worth of pre-tax profits in the first quarter of 2005, 8.64 billion yuan (some US$1 billion) more than in the same period last year.
(Xinhua News Agency April 29, 2005)
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