China's Everbright Bank files IPO application

BEIJING, June 16 (Reuters) - Everbright Bank on Monday said it had applied to China's securities regulator for a long-planned initial public offering, even as investment sentiment in the country's main bourse remains poor after recent heavy losses.

The Chinese bank said in an emailed statement it made the application on June 6 to the China Securities Regulatory Commission.

"But the actual listing time will depend on regulatory process and market conditions," it said.

"Even though the capital market is confronting many uncertainties, we are committed to our reform," it added.

China's main stock index .SSEC is down more than half from its October peak and slumped 13.89 percent last week in its biggest weekly drop since 1996.

The market is worried that with more new share offerings in the pipeline at a time of poor investment sentiment, the stock index could fall further.

The bank said in April that it would float shares in Shanghai in August, offering more than 10 percent of its capital base.

Everbright Bank said that, as part of its listing preparations, it had slashed its non-performing loan ratio to about 2 percent by disposing of more than 14 billion yuan ($2 billion) worth of non-performing loans.

Its capital adequacy ratio has exceeded 8 percent, a regulatory threshold for listing after it raised 6 billion yuan of subordinated bonds, the bank said.

The bank also said that its net asset per share has exceeded one yuan after hefty profits in the first four months. ($1=6.9 yuan) (Reporting by Eadie Chen; Editing by David Cowell) (eadie.chen@reuters.com; +8610 6627 1268; Reuters Messaging: eadie.chen.reuters.com@reuters.net))