CHINA MINSHENG BANKING
Chinese Lender Appoints President
China Minsheng said after trading hours Thursday that the appointment of Mr. Zheng, 51 years old, is subject to approval by China’s banking regulator.
Mr. Zheng was the vice president of Industrial & Commercial Bank of China Ltd. between October 2013 and October 2015, it said.
IPO Values Bank at $17.9 Billion
Shares in ABN Amro Group NV rose on their first day of trading Friday after an initial public offering valued the bailed-out Dutch bank at €16.7 billion ($17.93 billion).
The Dutch state sold shares for €17.75 each, just below the midpoint of a proposed range, and the shares closed at €18.35 on the Amsterdam Stock Exchange.
ABN Amro’s return to public markets comes seven years after the bank was nationalized at the height of the financial crisis, when the Dutch state spent nearly €22 billion to rescue the lender.
The listing is the largest flotation of a financial institution in Europe since 2007 and the third-largest ever, according to the research firm Dealogic, and it could eventually grow to be the biggest privatization in Dutch history.
The Dutch state raised €3.3 billion from the IPO, in which it sold 188 million shares, or a 20% stake in the bank.
Government officials have said it would likely take several years before the stake in ABN Amro is entirely sold, and that the state is unlikely to fully recoup the money it pumped into the bank.
—Maarten van Tartwijk
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