Bank of China, the country's fourth biggest commercial bank, has voted to spin off its aviation leasing unit in a Hong Kong share sale, the lender said in a statement to the Shanghai Stock Exchange.
BOC Aviation Pte will raise funds by selling no more than 40 percent of the firm through a listing of new and old shares on the main board of the HKEx, the statement said.
The bank will sell 90 percent of the offer to international investors and 10 percent to Hong Kong investors, while the bank will remain the controlling shareholder of the leasing firm, it said.
The funds raised will be used for purchasing new aircraft and to supplement working capital.
The plan was approved unanimously by Bank of China's board of directors on Friday.
