Goldman Sachs 2002 Annual Report Download - page 14

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12 G O L D M A N SA CH S 2002 A N N UA L REPO RT
Goldman Sachs has had a long rela-
tionship with the Bank of China Group,
dating back to the 1970s. Beginning
in 2000, Goldman Sachs assisted
the company in formulating and
implementing its restructuring plans.
A critical element of these efforts
was the consolidation and listing of
its commercial banking operations
in Hong Kong, and we acted as the
financial advisor for this process.
In October 2001, Bank of China
(Hong Kong) was successfully formed
through the merger of Bank of China’s
12 subsidiary banks and one credit
card company. This merger was not
only Hong Kong’s largest bank merger
but also one of the most complicated.
Goldman Sachs further advised the
company on its July 2002 listing on
the Stock Exchange of Hong Kong,
which raised $2.7 billion. This highly
successful and historic IPO was the
first international stock listing by a
mainland bank, and paved the way for
broader financial change within China.
BANK OF CHINA —A MODERNIZATION AND TRANSFORMATION PROCESS
NEW YORK EQUITY
CAPITAL MARKETS NEW YORK BANKING AND
CAPITAL MARKETS
HONG KONG BANKING AND
LONDON CAPITAL MARKETS
HONG KONG BANKING
AND CAPITAL MARKETS