China Construction Bank (CCB) may set up an offshore-registered fund to grant shares to all its 263,000 employees. The voluntary scheme was approved by the lender's board and shareholders before its Hong Kong initial public offering last October but is still awaiting regulatory approval.
'We are still exploring the options and it is the government which will have a final say on this,' chairman Guo Shuqing said.
In its listing prospectus, CCB said it had adopted a share appreciation rights plan for its management and other personnel designated by the board. The size and other details of the employee share proposal, an extension of the management share-option plan, are still under consideration, said Mr Guo.
'I hope it can be put in place as soon as possible,' he added.
CCB has also made a one-year US$9 billion currency swap with the People's Bank of China and its main shareholder, China SAFE Investments. Before the swap, CCB had exchanged the US$9.2 billion from its float into yuan. The swap will allow it to continue to manage assets in US dollars this year.