May. 30, 2012 (China Knowledge) - Bank of Chengdu Co, a small-sized city commercial lender based in Chengdu of Sichuan Province in Southwest China, plans to issue 800 million shares in an initial public offering in Shanghai, sources reported.
The bank has submitted application for the IPO, according to the report. Proceeds from the deal will be used to boost the lender's capital adequacy ratio.
In 2011, Bank of Chengdu's net profit rose 48.00% YoY to RMB 2.41 billion and its gross profit surged 51.78% to RMB 3.10 billion.
At the end of last year, the bank's total assets had reached RMB 181.41 billion, 19.89% more than a year ago. The balance of deposits had risen 10.10% YoY to RMB 134.85 billion at the end of 2011.