Bank of Chengdu listing still on the cards

Weak contribution: HLFG is the holding company that owns 64.4 of Hong Leong Bank. Hong Leong Bank, in turn, has a 20 strategic shareholding in China’s BOC that was acquired in 2009. The timing of a listing is not certain.

KUALA LUMPUR: The listing of the Bank of Chengdu (BOC) is still on the cards, but it is not expected to enhance the valuations of Hong Leong Financial Group (HLFG) in the near term, according to Maybank Investment Bank Research.

It said this was based on the recent listings of two Chinese lenders, China Zheshang and Bank of Tianjin, at historical price per net tangible assets of about one time.