Foreign news: China Zheshang Bank plans IPO, Korea's Shinhan buys Indonesian banks

China Zheshang Bank plans to raise around US$1 billion from a Hong Kong initial public offering as early as the fourth quarter of 2015, according to sources in a Wall Street Journal report. Zheshang Bank is said to be working closely with Citic Securities, China International Capital Corp, Goldman Sachs and ABC International Holdings (the investment banking arm of Agricultural Bank of China) for its Hong Kong listing. Zheshang recorded a net profit of 4.7 billion yuan (US$757.6 million) in the year to September 2014, and has total assets of 584.5 billion yuan.

South Korean lender Shinhan Bank is making its move in the Indonesian banking market with the acquisition of a 75 per cent shareholding in Centratama Nasional Bank. The Jakarta Post reports the acquisition comes as approval by the Financial Services Authority (OJK) was granted in April for Shinhan to take a 40 percent stake in Bank Metro Express.