Bank of Beijing eyes double IPO

Bank of Beijing, one of the country's biggest city commercial banks, is expected to go public on the Shanghai and Hong Kong stock exchanges simultaneously, according to sources close to the bank.

The bank, 19.9 percent owned by International Netherlands Groups, did not provide a fund-raising target for the offer, but people familiar with the deal have said the bank aims to raise about $8 billion from Hong Kong.

The simultaneous initial public offering (IPO) on the two exchanges is expected to take place in the third quarter of 2007, sources said.