(Yicai Global) Oct. 24 -- The China Securities Regulatory Commission today approved the Postal Savings Bank of China's application for an initial public offering, Jiemian News reported.

The lender will issue nearly 5.2 billion shares to supplement its capital, the report said. If its issue price is equal to its net assets per share as of the end of June 2019, or CNY5.49 (78 US cents), the bank will raise over CNY28 billion (US4 billion).