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CCB close to shareholding structure

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Bank expected to announce this month its status as a commercial firm in the first step towards its IPO

China Construction Bank (CCB) will announce this month its transformation from a state-owned firm into a shareholding concern, following in the footsteps of Bank of China (BOC), a senior bank official says.

'We are completing the preparation for the restructuring to be a shareholding company. The deadline is September,' said Yu Baoyue, a director of the bank's press office.

'This will pave the way for China Construction Bank to go public.'

Last week, BOC announced its metamorphosis from an arm of the government to an independent, commercial bank, as the first step towards a public listing.

Analysts said BOC's action increased the pressure on CCB to follow suit as both banks were racing to sell shares on domestic and overseas exchanges within a year or so.

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