The Postal Savings Bank of China is planning to raise a minimum of $1bn from investors in stake sale prior to a planned initial public offering (IPO).

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The lending unit of state-owned China Post Group intends to sell the stake this year, reports Bloomberg.

The bank is roping in outside investors as China looks to introduce more market discipline in its state-owned enterprises.

Postal Savings Bank is looking to enhance its capital position as part of a government directive to focus on lending to small businesses and rural areas.

The bank is reportedly planning to raise over $4bn through Hong Kong and Shanghai flotations.

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Set up in 2007, the Beijing-based bank has outlets in post offices across the country. The lender comprises about 40,000 branches mostly in China’s countryside and over 470 million retail customers.