China Construction Bank says big four banks not ready for shareholding system

BEIJING (AFX-ASIA) - China's big four state-owned banks are not ready to adopt a shareholding system, and the China Construction Bank is unlikely to seek a stockmarket listing in the near future, the bank's president Wang Xuebing was quoted as saying by the China Daily.	    Wang said the bank, which unveiled a restructuring plan early last year, still needs another year to complete its internal reforms which will pave the way for a final public flotation.	    "Currently, the time is not yet right for the big four state-owned banks, including us, to adopt a share-holding system," Wang was quoted as saying.	    "And it is unlikely we will be listed on the stockmarket in the near future."	    He did not elaborate on a more specific time when the bank would be ready to list.	    Wang said a listing is not the bank's ultimate purpose, "but a way of improving our performance and working transparency".	    Unlike the other big state-owned banks, the China Construction Bank will concentrate more on growth in its domestic market and business innovation.	    Wang said the bank currently does not have the power or the ability to tap international markets.	    "China is such a huge market that we have tremendous opportunities, as our major customer bases and banking resources are all located here.	    "We will not blindly come out of the domestic market, because the negative experience of Japanese banks has already taught us a good lesson," he said. 

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