Citic Industrial Bank plans a domestic listing this year to enhance its competitiveness in the mainland's growing financial industry. The bank hopes to raise 10 billion yuan (about HK$9.37 billion) by issuing one billion shares at about 10 yuan each, according to mainland newspaper Business Weekly. 'If all goes according to plan, the long-awaited listing could become a reality in the first half of the year,' senior officials told Business Weekly. Citic Industrial has appointed Guotai J&A Securities as the underwriter, according to the paper. A spokesman for the medium-sized commercial bank yesterday confirmed it intended to float this year, but said it was too early to disclose the flotation size. 'We are aggressively pursuing our listing plans,' the spokesman said. Citic Industrial Bank is controlled by China International Trust and Investment Corp (Citic Beijing), the mainland's largest trust company. Qi Peihua, deputy director of Citic Industrial's product innovation and promotion group, told the newspaper: 'The amount of funds we are planning to raise will be much bigger than that of China Minsheng and Shanghai Pudong Development Bank.' Both China Minsheng Bank and Pudong Development Bank raised about four billion yuan through their flotations. Mr Qi, who also declined to unveil the flotation size, said his bank planned to raise a similar amount as China Merchants Bank as the two were a similar size in total assets, registered funds and profits. China Merchants Bank is expected to raise 10 billion yuan on the Shanghai Stock Exchange within weeks, according to Business Weekly. Mr Qi said Citic Industrial hoped the listing would help it operate at an international level in the areas of management expertise and product development. Established in 1987, the bank has developed a network incorporating the country's 18 cities. Its net profit was 1.6 billion yuan after cutting 600 million yuan in bad-loan reserves last year, Business Weekly said.