CPPIB invests $500 mln in pre-IPO Postal Savings Bank of China
Canada Pension Plan Investment Board (CPPIB) has invested RMB 3.2 billion (US$500 million) in Postal Savings Bank of China (PSBC). The investment formed part of a US$7 billion raise by PSBC from a group of investors in advance of its initial public offering, expected next year. With the deal, which reportedly values PSBC at about US$41.5 billion, CPPIB and nine other investors, including JPMorgan, Temasek, Tencent and UBS, have taken a 17 percent interest in the bank. Founded in 2007, Beijing-based PSBC is a retail financial institution with more than 400 million customers and nearly 40,000 branches.
9 December 2015•2 mins read
