Chinese lender Xiamen International Bank is eyeing an initial public offering (IPO) in Hong Kong, Bloomberg reported, citing sources familiar with the development

The lender, founded in August 1985, could raise around HK$10bn ($1.3bn) through the public offering. 

Xiamen-based bank working with advisers to prepare for the IPO, which could happen as early as next year, the sources said. 

The government-backed bank could file preliminary papers as early as the first quarter of 2023, one of the sources said. 

According to the sources, because considerations are still in the early stages, the offering’s specifics, including its size and timing, may change.

Requests for comment from a Xiamen International Bank representative did not elicit a response. 

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By GlobalData

Based on the data compiled by Bloomberg, if the IPO goes through, Xiamen International Bank would become the first bank to list in the Asian financial centre after Dongguan Commercial Rural Bank, which raised around $1.2bn in its IPO in September 2021. 

Xiamen International Bank is China’s first bank that was jointly owned by local and foreign investors, according to the bank’s website. 

In 2013, the lender became a Chinese commercial bank following a restructuring. 

Fujian provincial government-backed Fujian Futou Investment is Xiamen International Bank’s biggest shareholder. 

The lender operates more than 40 branches and sub-branches in cities such as Beijing, Shanghai, Zhuhai, Xiamen, and Fuzhou, among others.

Xiamen International Bank also operates wholly-owned subsidiaries in Hong Kong and Macau, including Xiamen International Investment and Luso International Banking.